The Arabian Centers Company, “Sinomi Centers,” intends to issue international sukuks compatible with the provisions of Islamic Sharia, denominated in dollars, the value of which will be determined based on market conditions and the company’s financial and strategic needs, according to a statement by the Saudi Tadawul Stock Exchange on Tuesday.
The company, which was founded in 2005 and has been listed on the Tadawul market since 2019, has been operating as an owner, developer and operator of commercial complexes in Saudi Arabia and has 21 commercial complexes.
The company said in the statement that the offering is for the company’s general commercial purposes and to meet financial and strategic needs, including refinancing some existing obligations.
The company appointed Goldman Sachs and HSBC as lead coordinators. Al Arabi Capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, Goldman Sachs International, HSBC, JPMorgan Securities, Kamco Invest, Mashreq Bank, Sharjah Islamic Bank, and Warba Bank served as lead managers and bookrunners.
The company also put forward an offer to purchase all or any of its existing sukuks for $50 million due in 2024, according to the statement.
