A tenant of Taleem REIT Fund requested adjusting the rent for 2020 and negotiating it for 2021, in light of the resolution issued by Saudi Arabia’s Supreme Court, fund manager Saudi Fransi Capital said in a statement to Tadawul today, March 9, 2021.
The resolution (decision number 45/M, dated 08/05/1442H corresponding to Dec. 23, 2020) contains guidelines and judicial principles to be applied by Saudi courts to decide on matters related to the COVID-19 pandemic.
The fund manager is currently reviewing the request and will announce an update in due course, after taking into consideration the earlier decision to suspend the rent increments for 2021 and to appoint an independent financial consultant to recommend any other financial measures.
Saudi Fransi Capital is currently unable to determine the financial impact of the request and will announce any future substantial developments.
Comments
{{DisplayName}}
{{ElapsedTime}}