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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 Manager of Derayah REIT Fund (“Fund”), announces the issuance of a preliminary court ruling for the Fund for the Smart Tower property in Riyadh. |
| Description of the Event | Derayah Financial, 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 First Large Claims Division of the General Court in Riyadh, in favor of the fund, obligating the main tenant of the Smart Tower property to pay the amount of 36 million riyals which represents part of the late rent related to the Smart Tower property in Riyadh. This ruling is considered preliminary and is subject to appeal. It is noteworthy that the fund manager is working on several legal actions to collect the full outstanding rent and terminate the lease. |
| 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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