Addendum Announcement from Osool & Bakheet Investment Company regarding the case filed against the tenant of Al Rabie GENX
Tuesday, April 13, 2021 at 3:37 PM
Date of the previous announcement :
01/08/1442H corresponding to 14/03/2021G
URL of the Previous Announcement:
Description of the Event:
Further to the announcement of Osool & Bakheet Investment Company published on 01/08/1442H corresponding to 14/03/2021G, concerning of retransmit the case related to the rent claim against the “Gulf ELCON Company for Trading and Contracting” to the Court of Appeal. The court have released its final judgment, decided to endorse the previous decision without any change with call to obligate the “Gulf ELCON Company for Trading and Contracting” to pay SAR 4.250 Million worth (Four Million Tow Hundred fifty Thousand Saudi Riyal) from the remaining rent amount due from the defendant for one year and nine months period.
Osool & Bakheet Investment wants to clarify that the judgment acquired the final character with support of the Court of Appeal to obligate the defendant “Gulf ELCON Company for Trading and Contracting” to pay SAR 4.250 Million worth (Four Million Tow Hundred Fifty Thousand Saudi Riyal) from the remaining rent due from the defendant for one year and nine months period, and therefore the fund manager working to enforce the final judgment on the defendant to guarantee of preserving and protecting the rights of fund unit owners.
The Impact Caused by the Event:
Fund manager will proceed to enforce the final judgment on the defendant, and should be noted that the rental amount has been full allocated as non performing receivables provisions as per accounting standard, therefore the effect of the outcome after receiving the above-mentioned amount will be positive, with the clarification that the judgment acquired the final character does not mean receiving the amount, the fund manager will announce any update regarding to this trial.