Swicorp Wabel REIT unitholders agree to submit request to CMA to sack fund manager

Logo of Swicorp Wabel REIT Fund

Swicorp Wabel REIT Fund’s unitholders agreed, in a meeting held on Sept. 15, to submit a request to the Capital Market Authority (CMA) to remove the fund manager, and stop the current one from entering into any new investments or obtain financing until the appointment of an alternative fund manager

Swicorp Co., the fund manager, said in a bourse statement that unitholders also agreed to delegate Faisal Mohammed AlAbdulkarim and Mohammed Abdullah Al Nemer to negotiate with an alternative fund manager and resume operations.

The search and negotiating period should not exceed 60 days from when the decision to appoint a party in charge of finding and negotiating is issued.

In August, 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.