Saudi Real Estate Co. (Al Akaria) reached advanced stages to finalize the regulatory procedures required for terminating, liquidating and transferring the ownership of Alinma Fund within two months.
The process was 95% complete, Al Akaria said in a statement to Tadawul.
Al Akaria signed the termination agreement and its appendix on Oct. 20, 2020 and June 24, 2021, respectively. It also issued the financial statements to complete the closing process.
In November 2020, Al Akaria announced receiving a notice about the termination of Alinma-Al Akaria Fund for Real Estate Development, upon request of Al Akaria, which owns 100% of the fund's investment units, Argaam reported.
The company said last June that it was also planning to transfer the ownership of pre-invested land plots. This is in addition to transferring in-cash investment amount of SAR 40 million after an agreement with Alinma Investment to deduct SAR 10 million to cover expenses related to asset management and fund structuring.
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