Alkhabeer Growth and Income Fund unitholders OK repurchase, cancellation of 50% of units

Logo of Alkhabeer Growth and Income Traded Fund

The unitholders of Alkhabeer Growth and Income Traded Fund, on July 19, approved a special resolution to repurchase of a 50% maximum of total units for the purpose of cancellation, Alkhabeer Capital said in a statement to Tadawul. 

The process will be made in 12 months as of the date of the unitholders’ approval through Tadawul and the fund manager’s websites. 

The maximum limit of units recommended to be repurchased for cancellation is 50 million, or 50% of the fund’s total outstanding units. 

The repurchase will be funded by the fund’s net asset value on Tadawul, not by private transactions. 

The repurchased units will have no voting rights or entitlement to cash dividends. 

Alkhabeer Capital shall be authorized to complete the repurchase transaction within 12 months from the date of the unitholders’ resolution, the statement added.