{"id":101388,"date":"2025-10-13T00:00:00","date_gmt":"2025-10-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/13\/cenomi-centers-lines-up-maiden-sukuk-under-sar-4-5-bn-program\/"},"modified":"2025-10-13T00:00:00","modified_gmt":"2025-10-13T00:00:00","slug":"cenomi-centers-lines-up-maiden-sukuk-under-sar-4-5-bn-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/13\/cenomi-centers-lines-up-maiden-sukuk-under-sar-4-5-bn-program\/","title":{"rendered":"Cenomi Centers lines up maiden sukuk under SAR 4.5 bn program"},"content":{"rendered":"

<\/strong>Cenomi Centers is teeing up a local debt offering: <\/strong>Tadawul-listed mall operator Cenomi Centers plans to issue SAR-denominated senior unsecured sukuk under its newly-established SAR 4.5 bn debt instruments program, following approval by the Capital Market Authority<\/a> (CMA), it said in a bourse filing<\/a>. The issuance will be made through a public offering, with Al Rajhi Capital acting as the financial advisor, sole arranger, and trader. <\/p>\n

What we know: <\/strong>The sukuk will be offered in SAR 1k denominations and priced at par, with maturities, yields, and subscription periods yet to be set in separate final terms, according to the base prospectus (pdf)<\/a> for the program. The offering will be open to eligible local investors and will not be marketed to retail clients outside the Kingdom.<\/p>\n

Use of proceeds:<\/strong> Proceeds from this issuance \u2014 and future ones under the program \u2014 will flow into mudaraba and murabaha arrangements, giving Cenomi Centers room to raise shariah-compliant funding for its ongoing operations and balance sheet needs.<\/p>\n

IN CONTEXT-<\/strong> The planned sukuk offering follows Cenomi\u2019s move earlier this year to hire Rothschild & Co. to advise on refinancing options ahead of a USD 875 mn sukuk maturing<\/a> in October 2026. At the time, the mall operator was said to be exploring a mix of debt and equity solutions to ease liquidity pressures tied to delayed payments from its retail affiliate Cenomi Retail. S&P, which downgraded the company further into junk territory in July, said the refinancing risk was \u201cmanageable\u201d but cautioned that delays in execution could tighten liquidity.<\/p>\n

The ratings:<\/strong> Cenomi Centers holds a BB rating with a negative outlook from Fitch, a B+ with a stable outlook from S&P Global Ratings, and an A- with a stable outlook from local agency Tassnief.<\/p>\n

Receiving agents include our friends at EFG Hermes KSA<\/strong>, alongside Albilad Investment, Al Rajhi Capital, SNB Capital, Sab Invest, BSF Capital, ANB Capital, Derayah Financial, Aljazira Capital, Riyad Capital, Alinma Capital, Yaqeen Capital, Alkhabeer Capital, Alistithmar for Financial Securities and Brokerage, Sukuk Capital, and Musharaka Capital. <\/p>\n

REFRESHER- <\/strong>Cenomi Centers\u2019 net income rose 34.2% y-o-y to SAR 474.7 mn<\/a> in 2Q 2025, driven by lower financing costs, stronger operating efficiency, and fair-value gains on investment properties. Revenue edged down 0.7% y-o-y to SAR 582.6 mn. On a 1H basis, net income climbed 29.3% y-o-y to SAR 697.3 mn, while revenue inched up 0.1% y-o-y to SAR 1.2 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Al Rajhi Capital is quarterbacking the planned transaction<\/p>\n","protected":false},"author":1,"featured_media":101389,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[1072,57,4434,10,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-cenomi-centers","tag-debt-watch","tag-debts","tag-enterpriseam-ksa","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"1cc5b3c4-22e8-4e8f-84f7-24535b06431a","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/263.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Cenomi Centers lines up maiden sukuk under SAR 4.5 bn program","related_issue":[101381],"teaser":"Al Rajhi Capital is quarterbacking the planned transaction","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.1407a4b2-5d7d-48b7-8031-e36694d1466b.mp3"},"yoast_head":"\nCenomi Centers lines up maiden sukuk under SAR 4.5 bn program - 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