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Mulkia Investment Co. announces signing a Memorandum of Understanding for the purpose of establishing a real estate fund
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MULKIA
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1445/08/16 26/02/2024 08:03:13
| Element List | Explanation |
|---|---|
| Introduction | Mulkia Investment Company signed a memorandum of understanding to acquire a plot of raw land in its capacity as a manager of the fund that will be established to acquire that plot of land. |
| Memorandum Signing Date | 2024-02-21 Corresponding to 1445-08-11 |
| Counterparty | Owners of real estate for the purpose of establishing a real estate fund |
| Memorandum Subject | Mulkia Investment Company signed a memorandum of understanding for the purpose of establishing a real estate fund for acquiring a property (a plot of raw land) in the city of Buraidah with a total area of 2.6 million square meters, provided that the process of transferring ownership and payment takes place after completing the procedures of the bank financing the fund and after ensuring that there is no objection from the Capital Market Authority on the fund as a private real estate fund and fund establishment, the implementation takes place within a period of 90 days from the date of signing the memorandum. The two parties also have the right to extend this period with their written consent, the memorandum not taking effect except after ensuring that the Authority does not object and the fund is established, as in case If the company was unable to obtain a non-objection on the fund from the Capital Market Authority for any reason, the acquisition memorandum is considered as if it did not exist and there is no any obligation on the two parties, For more clarification, the memorandum is considered binding on both parties during the agreed upon period, in case the company obtains a no-objection on the fund and fund is launched. If this is not achieved, the memorandum will be considered canceled. |
| Memorandum Duration | Implementation will take place within a period of 90 days from the date of signing the memorandum of understanding, and both parties have the right to extend this period with their written consent. |
| Related Parties | N/A |
| Financial Impact | If the fund is launched and the acquisition of the property is completed, the financial impact will be positive, as it will result in a management fee revenue for the company starting from the date of the fund’s launch, which is expected to take place in the second quarter of 2024. |
| Additional Information | N/A |
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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