Swicorp Wabel REIT says Alinma Investment agrees to be alternative fund manager

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Logo of Swicorp Wabel REIT Fund

Swicorp Wabel REIT Fund’s manager, Swicorp Co., announced it received a letter, on Nov. 14, from Alinma Investment Co. expressing its approval to be appointed as an alternative manager for the fund and to start the regulatory procedures.

In a statement to Tadawul, Swicorp noted that the approval is considered effective only after the fulfilment of a number of regulatory requirements.

The impact of the event cannot be determined yet, the statement noted, adding that any relevant developments will be announced in due course.

Swicorp Wabel REIT Fund’s unitholders agreed, in a meeting held on Sept. 15, to submit a request to the Capital Market Authority (CMA) to remove the fund manager, and stop the current one from entering into any new investments or obtain financing until the appointment of an alternative fund manager, Argaam earlier reported.

In August, Swicorp announced receiving a written request from a number of unitholders, who own more than 25% of the funds’ units, requesting to unseat the fund manager and start negotiations with a new fund manager.