Saudi Cenomi Retail to receive $32mln from fund liquidation

Saudi Cenomi Retail to receive $32mln from fund liquidation

Saudi Arabia's Cenomi Retail, formerly known as Fawaz Abdulaziz Alhokair & Co., said it will receive 120 million riyals ($32 million) following the liquidation of a fund in which it has a significant stake. In a regulatory disclosure on Riyadh's Tadawul exchange on Tuesday, Cenomi Retail said it has received a notice for the termination and liquidation of Al-Mubarak Real Estate Fund 2, in which it owns 33.33% of the total units. The liquidation process follows the sale of the fund's assets for SAR 1.52 billion and the fund manager will distribute the first tranche of SAR 360 million, equivalent to 60% of the nominal value of the investment units of the fund, the statement said. Cenomi Retail will receive an amount of SAR 120 million, or 33.33% of the total of the first tranche distribution. The total book value as of 31 December 2022 of the company share in the fund was SAR 217 million. (Writing by Brinda Darasha; editing by Seban Scaria) [email protected]