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Derayah Financial Company Announces the Occurrence of Specific Event to Derayah REIT Fund
| Element List | Explanation |
|---|---|
| Introduction | Derayah Financial Company (“Fund Manager”), in its capacity as the manager of Derayah REIT Fund (“Fund”), announces the issuance of a preliminary court ruling for the Fund regarding the lease contract concluded with Al Thamra Al Hadetha Company for the Smart Tower property in Riyadh. |
| Description of the Event | Derayah Financial Company, in its capacity as manager of Derayah REIT Fund, announces that it has received notification from the fund's attorney, Naif Mohammed Al Salem Lawyers and Consultants, stating the following: • A preliminary court ruling has been issued by the Second Large Claims Division of the General Court in Riyadh, in favor of the fund, terminating the electronic lease contract concluded with Al Thamra Al Hadetha Company for the Smart Tower property in Riyadh, due to its failure to pay rent. This ruling is considered preliminary and is subject to appeal. It is noteworthy that the fund manager is concurrently working on several legal actions to retrieve the overdue rent. |
| The Impact Caused by the Event | There is no current effect until the final judgment is issued. |
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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