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SICO Capital Announces the Occurrence of Specific Event to SICO Saudi REIT Fund
| Element List | Explanation |
|---|---|
| Introduction | SICO Capital Announces the Occurrence of Specific Event to SICO Saudi REIT Fund |
| Description of the Event | On April 18, 2025, corresponding to 20/10/1446 H, the Fund Manager received notifications of execution orders submitted by Eskan Development and Investment Company, the seller and former tenant of the Fund's assets (Eskan Towers 4, 5, and 6), against Mashaar REIT Real Estate Company (SPV for the Custody of Fund Assets). Eskan seeks to recover rental payments made for Eskan Tower 4 and Eskan Tower 6, covering rental periods that started on December 27, 2019, and ended on December 26, 2022 (three contractual rental years according to the signed lease agreements). The total value of the execution orders amounted to SAR 15,993,927.17 (fifteen million, nine hundred ninety-three thousand, nine hundred twenty-seven Saudi Riyals and seventeen halalas). |
| The Impact Caused by the Event | The Fund Manager believes that this event will adversely impact the Fund’s liquidity, thereby affecting its ability to distribute dividends in the short term. The effect disclosed in this announcement does not consider any further developments that may occur in the future. |
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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