Date of the Previous Announcement:2020-03-17 Corresponding to 1441-07-22
Hyperlink to the Previous Announcement: link
Mulkia investment company would like to clarify receiving a notification from the main tenant of West Avenue Mall that the percentage of rents for the part that was not affected by the complete closure, including: “Supermarket and Pharmacy”, represents 13% of the total rents of West Avenue. The currently closed portion of West Avenue represents 28% of the Fund’s total rents.
As a result of the decisions taken by the authorities including extending the curfew period to 24 hours a day in several major cities in the Kingdom, the fund manager assures that he has done and will do everything that preserves the interests of the unitholders of the fund to the extent allowed by the regulations applied in the Kingdom of Saudi Arabia, and judicial and legal principles relevant to such circumstances.
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.