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#1- Our friends at Cenomi Centers have fully redeemed sukuk worth USD 209 mnbefore their originally scheduled maturity on 26 November 2024, the lifestyle centers operator said in a filing to Tadawul yesterday. The sukuk was issued in November 2019 and listed on the International Stock Exchange. The move saw the franchise retailer redeem 42% of its issued sukuk, with our friends at HSBC quarterbacking the transaction.
#2- Our friends at First Mills have established a SAR 100k trade and investment armdubbed First Food Supplies in a bid to fuel its expansion plans. The wholly-owned subsidiary will manufacture bakery, grain mill, and other starch products, it said in a disclosure to Tadawul. It will also be tasked with the storage, transportation, wholesale trade, and retail sale of agricultural raw materials, live animals, food and beverages.
FINTECH-
Local fintech outfit EdfaPay receives accreditation from UK’s Discover Global Network: Riyadh-based fintech EdfaPay has received accreditation from leading global payments network Discover Global Network, it said in a statement (pdf) yesterday. The accreditation paves the way for EdfaPay to expand to new markets after setting up shop in South America and Pakistan.
About EdfaPay: Set up in 2022, EdfaPay is a fintech that uses software point of sale (softPoS) and payment gateway services for online and offline merchants. It raised USD 1.6 mn in a pre-seed round to help boost its progressive softPoS technology, which allows merchants accept card payments directly through their phones. It also raised USD 3.2 mn last year in a seed round to help fuel its expansion overseas.
HEALTHCARE-
Nomu-listed Canadian Medical Center signed a one-year contract worth SAR 11.3 mn with industrial group We Build to operate and manage its clinics in Neom’s Trojena mountain resort, it said in a disclosure to Tadawul yesterday. Separately, it signed a one-year lease contract worth SAR 109.5k with Bayat Real Estate to rent its office in Tabuk to manage and run its projects in Neom for one year, it said in a separate disclosure.
MANUFACTURING-
Alujain Corp to manufacture engineering plastics with India’s Samvardhana Motherson:Tadawul-listed industrial investment firm Alujain Corp has signed a two-year MoU with Indian auto parts maker Samvardhana Motherson International to set up an engineering plastics facility, it said in a disclosure to Tadawul yesterday. The complex will manufacture plastic compounds for the automotive and other specialized manufacturing industries under a localization push. No further financial details were provided.
All under a big plan for Alujain: The Riyadh-based company said the MoU comes under its expansion plans and ongoing efforts to boost localization in manufacturing industries. It said its plan sees it entering strategic partnerships with global players to help improve local content and the competitiveness of local manufacturing industries.
AGRICULTURE-
Nadec to set up livestock JV with United Feed: Tadawul-listed Natural Agricultural Development Company (Nadec) signed a partnership agreement with United Feed Co — a subsidiary of local private equity investment firm Al Muhaidib Group — to set up a joint venture for livestock and meat production, it said in a disclosure to Tadawul yesterday. Nadec will have a 51% stake in the planned JV’s capital.
What we know: The agreement outlines terms and conditions to set up, manage and operate the JV and transactions between the two parties, Nadec said, without providing further details. It is set to help boost food security in the Kingdom though setting up high-tech farms to ensure the availability of high-quality local red meat to consumers.
FINANCIAL SERVICES-
Kuwait’s Al Ahleia Ins. raised its direct ownership in Khobar-based Al Etihad Cooperative Ins. to 28.7% from 10%, it said in a disclosure to Boursa Kuwait (pdf). Its ownership was up after transferring its shares in Trade Union Holding, a major shareholder in Al Etihad, as part of a voluntary liquidation process by Trade Union. It said there was no impact on the company’s financial position given that the ownership was only direct now.
TECH-
Roshn taps into cybersecurity: Real estate developer Roshn — a wholly owned unit of the PIF — signed a MoU during LEAP with the Saudi Federation for Cybersecurity, Programming and Drones to explore technologies to establish smart buildings using network solutions and IoT technologies, according to a statement yesterday. Roshn will also look into employing drones in its real estate operations, it said.
