Al Akaria liquidates Alinma Fund within two months

The company is also planning to transfer the ownership of pre-invested land plots

  
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) is working on liquidating and terminating Alinma Fund within two months, according to a disclosure to Tadawul on Thursday.

The company is 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.

Al Akaria said Alinma Fund’s termination agreement was signed on 12 November 2020.

It is worth noting that the listed firm incurred a net loss after zakat and tax worth SAR 140.7 million in 2020, down by nearly 25% from SAR 186.4 million in 2019.

Source: Mubasher

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