Cenomi Retail secures SAR 2.95 bln from Al-Futtaim Retail and Emirates NBD to boost finances and refinance debt
Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) signed today, Sept. 14, SAR 2.95 billion financing agreements with Al-Futtaim Retail, its subsidiary Al-Futtaim Private Co. LLC, and Emirates NBD – Saudi Arabia, comprising a shareholder loan and a credit facility, the company said in a Tadawul statement. 
Cenomi Retail entered a shareholder loan facility with Al-Futtaim Retail and its subsidiary Al-Futtaim Private to receive SAR 1.35 billion upon closing of a private transaction, with repayment due in full after five years, though the lender may request early repayment any time after three months.
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The company said the loan is intended to strengthen its financial position, help overcome current challenges, sustain operations, and protect shareholder interests. All proceeds will go toward settling liabilities.
Following the transaction, Al-Futtaim Retail will become a major shareholder and thus a related party, while Al-Futtaim Private will also be treated as related, as the lender and a subsidiary of Al-Futtaim Retail.
The agreement includes an option for the lender to convert outstanding amounts into Cenomi Retail shares, subject to agreed conversion terms, prevailing market conditions, regulatory and shareholder approvals, and other requirements.
In a separate statement, Cenomi Retail said it signed a SAR 1.6 billion credit facility with Emirates NBD – Saudi Arabia. The package was structured as a short-term loan to be refinanced into a three-year term loan within 90 days, with a two-year extension option at the bank’s discretion.
The short-term loan has a 90-day tenor, while the term loan will run for three years, extendable to five.
The facility is backed by a SAR 1.6 billion promissory note and a corporate guarantee of the same value from Al-Futtaim Private, provided for a fee payable by Cenomi Retail. Al-Futtaim Private is considered a related party as a unit of Al-Futtaim Retail, which will become a shareholder after the transaction. Cenomi Retail will also pay administrative fees on the facility.
In July, Cenomi Retail disclosed that major shareholders Fawaz Alhokair, Abdul majeed Alhokair, Salman bin Abdulaziz Alhokair, FAS Saudi Holding Co. and Fass Real Estate Co. signed a share purchase agreement with Al-Futtaim Retail.
They will sell about 57.33 million shares, representing 49.95% of Cenomi Retail’s capital, for SAR 2.52 billion, or SAR 44 per share, through a private acquisition.
Cenomi Retail secures SAR 2.95 bln from Al-Futtaim Retail and Emirates NBD to boost finances and refinance debt
Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) signed today, Sept. 14, SAR 2.95 billion financing agreements with Al-Futtaim Retail, its subsidiary Al-Futtaim Private Co. LLC, and Emirates NBD – Saudi Arabia, comprising a shareholder loan and a credit facility, the company said in a Tadawul statement.
Cenomi Retail entered a shareholder loan facility with Al-Futtaim Retail and its subsidiary Al-Futtaim Private to receive SAR 1.35 billion upon closing of a private transaction, with repayment due in full after five years, though the lender may request early repayment any time after three months.
For more news on listed companies
The company said the loan is intended to strengthen its financial position, help overcome current challenges, sustain operations, and protect shareholder interests. All proceeds will go toward settling liabilities.
Following the transaction, Al-Futtaim Retail will become a major shareholder and thus a related party, while Al-Futtaim Private will also be treated as related, as the lender and a subsidiary of Al-Futtaim Retail.
The agreement includes an option for the lender to convert outstanding amounts into Cenomi Retail shares, subject to agreed conversion terms, prevailing market conditions, regulatory and shareholder approvals, and other requirements.
In a separate statement, Cenomi Retail said it signed a SAR 1.6 billion credit facility with Emirates NBD – Saudi Arabia. The package was structured as a short-term loan to be refinanced into a three-year term loan within 90 days, with a two-year extension option at the bank’s discretion.
The short-term loan has a 90-day tenor, while the term loan will run for three years, extendable to five.
The facility is backed by a SAR 1.6 billion promissory note and a corporate guarantee of the same value from Al-Futtaim Private, provided for a fee payable by Cenomi Retail. Al-Futtaim Private is considered a related party as a unit of Al-Futtaim Retail, which will become a shareholder after the transaction. Cenomi Retail will also pay administrative fees on the facility.
In July, Cenomi Retail disclosed that major shareholders Fawaz Alhokair, Abdul majeed Alhokair, Salman bin Abdulaziz Alhokair, FAS Saudi Holding Co. and Fass Real Estate Co. signed a share purchase agreement with Al-Futtaim Retail.
They will sell about 57.33 million shares, representing 49.95% of Cenomi Retail’s capital, for SAR 2.52 billion, or SAR 44 per share, through a private acquisition.
