Alkhabeer Growth & Income Traded’s board plans delisting, converting to open-ended fund

Logo of Alkhabeer Growth and Income Traded Fund

Alkhabeer Growth & Income Traded Fund’s board of directors approved the fund manager’s recommendation to delist as a closed-ended traded investment fund and convert it into a public open-ended investment fund, subject to the approval of the Capital Market Authority (CMA) and, subsequently, unitholders’ no-objection.

The fund stated that once all regulatory approvals are obtained, this move will allow all unitholders — wishing to exit and/or increase their investment — to do so based on the net asset value per unit, according to a statement on Tadawul today, Dec. 18.

The fund noted that the decision followed a review of the fund manager’s proposal, serving the interests of all unitholders and maximizing their rights, while also considering the standard regulatory timeframes.

According to Argaam data, Alkhabeer Growth & Income’s units were listed and began trading as a closed-ended traded investment fund on the Main Market (TASI) on April 27, 2022. The offering involved 100 million units, of which 99.41 million were allocated to individual investors.

The fund invests in a diversified portfolio of global equities, public and private equity funds, initial public offerings, and private placements.