OSOOL & BAKHEET INVESTMENT COMPANY announces occurrence of a specific event to AL Maather REIT Fund
Thursday, August 27, 2020 at 4:26 PM
Description of the Event
The fund manager acknowledged receiving a letter from the “Gulf ELCON Company for Trading and Contracting” which is the anchor tenant of Al-Rabie GENX asset that located on prince Mohammed bin Salman road-Riyadh, The tenant wants to hand over the rental units which represent a rental value of SAR3.75 million (7.0% of the Gross annual rents), note that the case file is under legal progress by the competent court due to the default of the payments and in the course of current events, the fund manager would like to confirm that the case is still under review and in its course with the competent courts to preserve the rights of unit owners.
The Impact Caused by the Event
Will be determined upon release of judgement rule against the dispute.