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Announcement by Alkhabeer Capital for the intention of Alkhabeer Growth and Income Traded Fund to buy-back its units
| Element List | Explanation |
|---|---|
| Introduction | The Fund Board of Directors have approved by means of circulation on 18 July 2024 corresponding to 12 Muharram 1446, the Fund Manager’s recommendations regarding raising his recommendation to the unitholders’ meeting to approve the below: 1. Approve the buy back of the Fund units with the purpose of cancelation of up to 20% of the Fund initial outstanding units, at a price not exceeding the net asset value per unit of the Fund subject to compliance with the rules and regulations of the Capital Market Authority (CMA) and the Fund Terms & Conditions. 2. Approve the Dividend Distribution Policy that will be presented to the unitholders through the unitholders’ meeting (will be announced later), subject to the approval of the Capital Market Authority (CMA). 3. Approve the Fund Manager right to appoint a Market Maker for the Fund in compliance with the CMA rules and regulations, subject to the approval of the Capital Market Authority 4. Approve the amendment of the Fund Terms & Conditions, where applicable, to include the amendments referred to in point 2 and 3 of this announcement. |
| Date of the approval of the Fund’s Board of Directors | 2024-07-18 Corresponding to 1446-01-12 |
| Purpose of purchase | Units Cancellation |
| Number of units to be Bought-Back | 20,000,000 |
| Units Class | Ordinary units |
| Financing Method of the Purchase | From the Fund's net asset value. |
| Percentage of Fund treasury units to units issued by the Fund (%) | 0 % |
| Unitholders Approval | The special decision will be voted on by the Meeting of unitholders, whose date will be announced later. |
| Additional Information | The buyback of the Fund units would be made through the Exchange, and the bought back units shall not have any voting rights at the unitholders’ meeting, nor shall it have entitlements to the Fund’s distributions. The purchases will be made over a period of twelve months from the date of approval of the unit holders. |
The Capital Market Authority and Saudi 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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