Cenomi Retail says Al-Mubarak Real Estate Fund 2 liquidated for SAR 1.5 bln

18/07/2023 Argaam

Cenomi Retail says Al-Mubarak Real Estate Fund 2 liquidated for SAR 1.5 bln

Logo of Cenomi Retail

Fawaz Abdulaziz Alhokair & Co. (Cenomi Retail) announced receiving a notice for the termination and liquidation of Al-Mubarak Real Estate Fund 2, in which it owns 33.33% of total units, the company said in a statement to Tadawul.

 

The liquidation process follows the sale of the fund's assets for SAR 1.53 billion, it added.

 

The fund manager decided to distribute a first tranche of SAR 360 million, or 60% of the nominal value of the fund's investment units, the company stated.

 

Cenomi Retail will receive SAR 120 million, or 33.33% of the total of the first tranche distribution.

 

The company also noted that the total book value as of its stake in the fund as of Dec. 31, 2022, is SAR 217 million.

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