Aljazira REIT says Petromin and Al Rugaib account for 36% of total annual rents

Aljazira Capital Co., fund manager of Aljazira Mawten REIT, announced in a bourse statement today that Petromin Co. represents 20.89% while H. M. Al Rugaib & Sons Trading Co. represents 14.93% of the fund’s total annual rent revenue.

Aljazira Capital studied, in cooperation with the operations and maintenance manager, the tenant’s requests to waive due rents during the 24-hour curfew period in a manner that preserves the interest of unitholders in accordance with the laws and regulations in Saudi Arabia.

The requests will be submitted to the fund’s board of directors to make a decision, the firm said, noting that the relative financial impact will be disclosed in due course.

Earlier this week, Aljazira Capital received a notification from Petromin Co. and H. M. Al Rugaib & Sons Trading Co., tenants of Aljazira Mawten REIT properties, requesting to waive due rents during the 24-hour curfew period, Argaam earlier reported.