Swicorp Wabel REIT unitholders to vote on sacking fund manager on Sept. 15

Logo of Swicorp Wabel REIT Fund

Swicorp Wabel REIT Fund’s unitholders are set to vote on submitting a request to the Capital Market Authority (CMA) to remove the fund manager during the meeting scheduled on Sept. 15.

They will also vote on stopping the current fund manager from entering into any new investments or obtaining financing until the appointment of an alternative fund manager, Swicorp Co., the fund manager, said in a bourse statement.

In the event of approving the fund manager dismissal by the unitholders and the Capital Market Authority (CMA), unitholders will vote to delegate two of the following names: Faisal Mohammed AlAbdulkarim, Mohammed Abdullah Al Nemer and Fahad Suleiman Aldahayan, to negotiate with an alternative fund manager within a period that does not exceed 60 days from the date of approval by the CMA.

Recently, Swicorp Co. 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, according to data compiled by Argaam.