GFH Financial Group (GFH) has acted as one of the Joint Lead Managers (JLMs) and bookrunners for the successful issuance of a $500 million 5-year sukuk by Arabian Centers Company (Cenomi Centers), Saudi Arabia’s largest shopping mall owner, developer, and operator.
With a total order book exceeding $1.6 billion, representing an impressive 3.2X oversubscription, the transaction was met with strong international investor demand from Asia, the Middle East, Europe, and North America.
Ahmed A. Rahman Jamsheer, Head of Treasury Investments at GFH, said that, “We’re delighted to have played a strategic role in this transaction for Cenomi Centers. The success of this issuance not only demonstrates GFH’s strong capital markets capabilities but also reflects the trust and confidence that investors worldwide place in the Group.”
“Furthermore, through this issuance, we are pleased to support Cenomi’s vision to provide its customers in the Kingdom with world-class lifestyle propositions. In alignment with Saudi Vision 2030, GFH is dedicated to helping deliver infrastructure and other strategic projects that contribute to the Kingdom’s economic diversification and growth,” Jamsheer added.
Frederik Foussat, CFO at Cenomi Centers, noted that, “This is a strategic transaction as we continue to execute on our corporate finance strategy to enable us to drive forward our growth journey during this very exciting time of opportunity and transformation in the Kingdom of Saudi Arabia. We are grateful for the support GFH provided, and the Group’s regional and global reach with a high quality and diverse investor base was instrumental in the successful conclusion of this issuance.”
