GFH plays key role in $500mln sukuk issuance in Bahrain

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GFH Financial Group (GFH) has acted as one of the joint lead managers (JLMs) and bookrunners for the successful issuance of a $500 million five-year sukuk by Arabian Centers Company (trading as 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.

Commenting, GFH head of treasury investments Ahmed Jamsheer said, “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 Saudi Arabia 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 economic diversification and growth.”

Cenomi Centers chief financial officer Frederik Foussat said, “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 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.”