‎Cenomi Centers faces lawsuit over Dhahran Mall owner, claims for SAR 788.3M

Arabian Centres Co. (Cenomi Centers) has been notified of a lawsuit filed against it in the Second Circuit for Major Cases at Riyadh General Court by the owner of Dhahran Mall, Mansour bin Mutaib Al Saud.

According to a statement on Tadawul, the plaintiff is seeking compensation totaling SAR 788.3 million, citing claims for “equivalent rent,” “property rent,” and “revenue collection from the property – Dhahran Mall.”.

According to the plaintiff, the claimed amounts are:

Equivalent rent: SAR 161.85 million for non-contracted space in Dhahran Mall and its expansion.

Property rent: SAR 103.40 million for the burnt section of Dhahran Mall.

Revenue collection from the property: SAR 523.03 million.

Cenomi Centers emphasized that it is too early to determine the financial impact, stressin that it will appoint a specialized law firm to represent it, diligently defend its rights, and protect shareholder interests.

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The company affirmed that it reserves all legal rights and is working with its legal advisors to review the claims, take all necessary legal actions, and file counterclaims if needed to recover any damages or losses.

It also noted that the company cannot estimate potential liability until court sessions begin and that any developments regarding the lawsuit will be announced in due course.

Arabian Centres Co. (Cenomi Centers) has been notified of a lawsuit filed against it in the Second Circuit for Major Cases at Riyadh General Court by the owner of Dhahran Mall, Mansour bin Mutaib Al Saud.

According to a statement on Tadawul, the plaintiff is seeking compensation totaling SAR 788.3 million, citing claims for “equivalent rent,” “property rent,” and “revenue collection from the property – Dhahran Mall.”.

According to the plaintiff, the claimed amounts are:

Equivalent rent: SAR 161.85 million for non-contracted space in Dhahran Mall and its expansion.

Property rent: SAR 103.40 million for the burnt section of Dhahran Mall.

Revenue collection from the property: SAR 523.03 million.

Cenomi Centers emphasized that it is too early to determine the financial impact, stressin that it will appoint a specialized law firm to represent it, diligently defend its rights, and protect shareholder interests.

The company affirmed that it reserves all legal rights and is working with its legal advisors to review the claims, take all necessary legal actions, and file counterclaims if needed to recover any damages or losses.

It also noted that the company cannot estimate potential liability until court sessions begin and that any developments regarding the lawsuit will be announced in due course.