NCB Capital Announces an Update to the Fund’s Terms and Conditions of AlAhli REIT Fund 1
NCB Capital Company announces Significant Changes in the Terms and Conditions of AlAhli REIT Fund (1) (“the Fund”). These changes will take effect on 3 December 2020. The details of the update and the changes are as follows:
– Update the information on the cover page, such as fund size and fund manager declaration
– Update the declarations inside the cover page to be in accordance with the of the Real Estate Investment Traded Funds Instructions issued by the Capital Market Authority
– Update the operator of Al-Andalus Mall, one of the Fund’s assets to be: “Al-Andalus Property Company” as the successor to “Hamat Real Estate Company”
– Add ValuStrat details as appointed appraiser for the Fund’s assets instead of Colliers
– Update the Fund summary to reflect the updated information on the size of the Fund, the Fund’s assets, and the date of listing the Fund’s units
– Update the definition of the anti-money laundering law.
– Delete the definitions related to the offering period, which are the subscription fee, the minimum subscription fee, and the subscription application form
– Amend the definition of “Target Assets” to be “Initial Assets” acquired by the fund after the initial offering period, and amending this wherever it is stated in the Terms and Conditions
– Amend the target fund distribution period to be no later than March and September
– Add the results of the offering in the eighth paragraph of the Fund’s Terms and Conditions
– Amend Paragraph (9) of the Fund’s Terms and Conditions
– Amending the percentage limit of substantial difference between the periodic independent valuations submitted by independent valuators, which requires the appointment of a third valuator to be 10% instead of 5%
– Update the summary of profiles of the members of the Fund board of directors and the funds supervised by the directors
– Update the date of availability of the financial statements to be in accordance with the Real Estate Investment Traded Funds Instructions
The updated terms and conditions can be viewed through Tadawul website, Fund Manager’s website, and AlAhli Reit (1) website.
Effective Date of the Update to Fund’s Terms and Conditions is 2020-12-03 Corresponding to 1442-04-18.