Date of the Previous Announcement:
2020-03-17 Corresponding to 1441-07-22
URL of the Previous Announcement :
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Change Details:
Mulkia Investment Company as the fund manager of Mulkia REIT, would like to follow its previous announcements regarding Corona virus cautious measurements applied and their impact on the fund performance to keep the unitholders updated. In this regard, Mulkia Investment Company has received some requests from some tenants either to stop calculating the rent or to apply a discount on the rent in addition to approving a grace period until the temporary measures end and business returns back to normal. The rent of the assets that received reduction requests from the tenants represent 47.8% of total fund rents for the year 2020.
The fund manager is currently studying these requests to make the proper decision to the unitholders’ interest to the extent allowed by the regulations applied in the Kingdom of Saudi Arabia, and judicial and legal principles relevant to such circumstances. We confirm that this percentage represents the requests received by the Fund Manager as of the date of this announcement, and no decision has been taken to reduce it or not yet.
The Impact Caused by the Change :
The fund manager also clarifies that the resulting impact cannot be determined at the present time until the end of the current crisis. However, the fund’s business is expected to be negatively affected as a result. The fund manager will announce any significant related developments as soon as they are available.