Addendum Announcement from Al Rajhi Capital Regarding a material development related to Al Rajhi REIT Fund.
Date of the previous announcement 13-02-1442 H Corresponding to 30-09-2020 G
For more details about the previous announcement Click Here
In addition to Al-Rajhi Capital's announcement published on 13-02-1442 H Corresponding to 30-09-2020 G. Al Rajhi Capital, the Fund Manager of Al Rajhi REIT have attended a court hearing on the date of 21/12/2020 G. of a legal case filed by the master lessee of Rama Plaza “Al Fouzan Trading and General Contracting Company” requesting the court to re-balance the lease agreement, as a result of his inability to fully benefit from the intentions of leasing the property, as he claimed.
It’s worth noting that since the previous announcement to the date of the court hearing the Fund Manager, have worked towards negotiating an amicable resolution to the benefit of the unit holder without forgoing their rights, without reaching an agreement.
The current rent of Rama Mall is 4.91 Million per Hijri year.
The fund manager will follow the due legal process to protect the unit holders interest.
As the situation is still evolving and the case is under court hearing, the financial impact on fund’s dividend cannot be fully ascertained at this time.
The Fund Manager shall immediately update the unitholders of any development arising in this matter