MEFIC Capital News | Element List | Explanation |
|---|---|
| Introduction | Addendum Announcement from Middle East Financial Investment Company (MEFIC Capital) Regarding a Material Development on MEFIC REIT Fund |
| Date of the Previous Announcement | 2024-10-24 Corresponding to 1446-04-21 |
| Hyperlink to the Previous Announcement | Click Hear To Visit Website |
| Change Details | Transfer of ownership of “The Pad” property in Dubai in exchange for acquiring 62,600,000 (Sixty-Two Million, Six Hundred Thousand) preferred shares in Downtown Bay Developments Limited. |
| The Impact Caused by the Change | The fund manager anticipates a positive impact on the fund’s performance and financial statements as a result of this agreement. |
| Additional Information | Further to the announcement made by Middle East Financial Investment Company (MEFIC Capital) on (21/04/1446H) corresponding to (24/10/2024G), MEFIC Capital would like to provide the following updates:• The procedures for the agreement signed on 23/10/2024G have been completed. The agreement includes the transfer of ownership of “The Pad” property in Dubai in exchange for acquiring 62,600,000 (Sixty-Two Million, Six Hundred Thousand) preferred shares in Downtown Bay Developments Limited.• As part of the agreement and upon the registration of the shares in favor of the Fund, the Fund is entitled to an annual return of 6%, to be distributed semi-annually throughout the investment period. This investment is aimed at supporting the development of several residential units within the “Vela Viento” project, which is expected to be completed in Q4 of 2028.• Additionally, the Fund will have priority in receiving an annual bonus return of up to 7% upon exit if a net profit is achieved from the full project.• In the event the project is not completed within four years, the Fund reserves the right to exit and recover the full capital along with any realized profits. |
