Al Rajhi REIT unitholders to vote on releasing Alkhaleej Training locked-up units on Feb. 15

Logo of Al Rajhi REIT Fund

The unitholders of Al Rajhi REIT Fund will vote, on Feb. 15, on releasing the locked-up units owned by Alkhaleej Training and Education Co., the master tenant of Baraem Rowad Al Khaleej Intl Kindergarten, Riyadh, Rowad Al Khaleej International Schools in Riyadh, Rowad Al Khaleej International Schools in Dammam, which amount to 26.40 million units, during the remaining lock-up period.

The lockup period stated under the terms and conditions is three years, starting from Jan. 6, 2020, in return for submitting promissory notes as a guarantee to pay the rent for the entire remaining period of the lease contract, Al Rajhi Capital, the fund manager, said in a statement to Tadawul.

The lease term is 15 years starting from Dec. 24, 2019.

The meeting will be valid if attended by a number of unitholders that collectively own at least 51% of the fund’s unit value. All unitholders who are registered with the Securities Depository Center (Edaa) by the end of the trading session preceding the meeting will have the right to attend and vote, the statement added.