CMA dismiss SWICORP from managing the Swicorp Wabel REIT

SWICORP Company announced on Wednesday that it has received a notification from the CMA (“the Authority”) on 30/11/2021 about the issuance of the Authority’s Board’s decision to dismiss Swicorp from managing the Swicorp Wabel REIT Fund that has been publicly offered, and to appoint Alinma Investment Company as an alternative fund manager for the fund, based on paragraph (a) from Article 16 of the Real Estate Investment Funds Regulations.

It should be noted that the approval of the Authority’s Board was issued based on the decision of the unit holders in their meeting held on 15/09/2021 AD.

Swicorp company said it ” would like to emphasize that’s it’s going to fully cooperate in order to help facilitate a smooth transfer of responsibilities to Alinma Investment Company within the first (60) business days from the date of appointing it as the alternative fund manager.”

The company added that impact caused by the change can’t be determined and it will be announced for any relevant developments in due course.