Osool & Bakheet Investment Co. invited Al Maather REIT’s shareholders to discuss amending some terms and conditions on Oct. 21, fund manager Osool & Bakheet in a bourse statement.
The amendments include the following:
1) Management fee will be 0.50 percent of gross asset value after deducting expenses, instead of 0.50 percent of the net asset value.
2) A brokerage fee of 2.5 percent will be calculated and paid after conveyance. Brokers could be related parties.
3) Assessors fees have a maximum limit of SAR 300,000.
Other amendments to the fund’s terms and conditions include altered several technical terms, and adding Al-Saleh & Al-Sahli Law Firm to the fund’s group of legal consultants.
They also include changing the name of real estate appraiser Danat Realty to Areab Real Estate Appraisers, and adding risk articles as per the REIT regulations.
The fund manager also seeks the approval of shareholders on updating the fund’s board membership rules related to being on the board of other REIT funds, as well as adding an article concerning fund suspension or listing cancellation.
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