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Addendum Announcement from Osool & Bakheet Investment Company Regarding occurrence of a specific event to AL Maather REIT Fund

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Date of the Previous Announcement 2020-08-27 Corresponding to 1442-01-08
URL of the Previous Announcement Click Here
Change Details Further to the announcement of Osool & Bakheet Investment Company published on 01/08/1442H corresponding to 27/08/2020G, concerning 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).

The fund manager clarifies that the property was received from the tenant, while the rent claim case against the tenant is under dispute in the General Court of Riyadh.

Taking into account the interest of the fund by seeking to achieve future revenues, and utilize the main space in the property to serve exiting tenant, and given that the tenant is defaulting on payment, The fund manager had accepted to receive the units and continuing to claim the rental value due for the previous period from the tenant.

The Impact Caused by the Change Temporary suspension in part of the fund's revenue amounting to 3.75 million riyals (7.0% of the Gross annual rents), representing the rental value of the leased property

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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