Al Rahji REIT cash subscription covered at maximum limit

Logo of Al Rajhi REIT Fund 

Al Rajhi REIT Fund’s cash subscription to the additional units offered to increase total asset value was covered at maximum limit, fund manager Al Rajhi Capital said in a statement to Tadawul, noting that the subscription period ended on May 30.

The total value of applications amounted to SAR 1.60 billion, with a 158.33% coverage ratio. A total of 299,690 subscribers, including retail and institutional investors, placed 146,700 orders.

Unit allocation was completed as per the terms and conditions set forth in the relevant supplementary appendix. The subscribed units were allocated in full to registered unitholders on the day of the unitholders’ meeting to vote on approving the increase in the total value of the fund’s assets on May 11.

The remaining additional subscribed units were allocated to the rest of the unregistered individual and institutional investors on the day of the unitholders meeting, with an allocation rate of 46% of total subscribed units.

 The surplus will be refunded to subscribers for whom units have not been fully no later than June 13, the fund manager added.

The new units will be listed and traded after completing all relevant legal procedures within 60 business days from the end of the offering period, Al Rajhi Capital added.

The subscription to the additional units offered to increase the total asset value of Al Rajhi REIT Fund started on May 17, Argaam earlier reported.

The fund’s unitholders approved increasing Al Rajhi REIT Fund’s total asset value to range between SAR 330 million minimum and SAR 1.012 billion maximum.