MEFIC Capital, the fund manager of MEFIC REIT Fund, will sell the entitlement rights for Plaza 2 by settling short-term obligations with a related party, Jissar For Real Estate Development Co., it said in a bourse statement.
The settlement will be done by transferring the entitlement rights to creditors for SAR 78 million, the statement said, adding that there are no related parties to the transaction.
The fund manager further said that Jissar For Real Estate Development Co. is one of its subsidiaries, noting that the transaction will not impact units holders as the fund’s capital remain unchanged.
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