White & Case advises Cenomi Centers on establishment of SAR 4.5 billion retail sukuk issuance programme and SAR 2.05 billion issuance

Global law firm White & Case LLP has advised Arabian Centres Company (trading as Cenomi Centers), a leading owner, developer and operator of shopping centres in the Kingdom of Saudi Arabia, on the establishment of its SAR 4.5 billion domestic retail sukuk issuance programme and subsequent inaugural issuance of SAR 2.05 billion sukuk thereunder.

"This landmark transaction marks one of the largest retail sukuk issuances by a Saudi corporate and reinforces Cenomi Centers' position as a leading player in the Kingdom's retail sector," said White & Case partner Debashis Dey, who led the Firm's deal team. "The successful establishment of the SAR 4.5 billion programme and the inaugural SAR 2.05 billion issuance provide Cenomi Centers with a flexible and efficient platform to access the domestic capital markets and diversify its funding base."

The inaugural issuance comprises SAR 2.05 billion sukuk due 2031 with a fixed profit rate, offered to Saudi institutional clients, qualified clients and retail clients. The sukuk were admitted to listing on the Saudi Stock Exchange (Tadawul) and attracted strong demand from a diversified pool of domestic investors.

Al Rajhi Capital Company acted as financial advisor, sole arranger and dealer on the programme establishment and the inaugural issuance.

The White & Case team in Dubai which advised on the transaction was led by partner Debashis Dey and included local partner Marcin Zawadzki and associate Ola Sanni.

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