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Al-Inma Financial Company, as the director of the Al-Inma REIT Hotel Fund, revealed that the Board of Directors of the Fund approved the proposal to purchase part of the Fund’s exported units up to a maximum of 10.2 million units, representing 10% of the total units of the Fund.
This strategic step is an effort by management to take advantage of the current price levels that the Board of Directors deems less than the fair value of the units, while targeting their use in future expansions or resale according to market conditions, according to the company’s statement on “Tadawul” on Sunday.
The company said that the Board of Directors’ decision determined the purpose of the purchase to keep the purchased units as treasury units, and these units are to be employed in swaps in exchange for the acquisition of new real estate and hotel assets, noting that the purchase of the units will be financed through one or more of the available sources, which include the credit facilities granted to the Fund, or through the exploitation of surplus operating cash flows.
The Board’s decision set out the purpose of the procurement process by retaining the purchased units and deciding to employ them in swap operations in exchange for the acquisition of new real estate assets
It is noteworthy that the completion of this process depends on obtaining the approval of the owners of the units through a special decision, which includes authorizing the Fund Manager to carry out purchases within a period not exceeding 12 months from the date of approval.
The company explained that the implementation of the purchase will not be mandatory, but will be subject to the discretion of the fund manager based on market developments and the movement of the unit price; to ensure the maximum interest of shareholders, and purchases will be made directly through the financial market, and not through private deals, which ensures transparency and fairness in implementation.
Financial development operates indirectly in the real estate sector through the management of investment funds and real estate exchange-traded funds (REITs) (such as the Al-Inmaa REIT Hotel Fund) or the launch of real estate partnership projects.
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