Mulkia Gulf REIT’s cash offering covered at maximum limit

Logo of Mulkia Gulf Real Estate REIT Fund

Mulkia Gulf Real Estate REIT Fund raised SAR 280.53 million in cash and in-kind subscriptions in its offering to increase capital, fund manager Mulkia Investment Co. said in a statement to Tadawul.

This included cash subscriptions of SAR 245.5 million, or a coverage ratio of 309.66% to the total cash offering at the minimum limit, and 114.50% to the total cash offering at the maximum limit.

Accordingly, the cash offering was covered at the maximum limit.

A total of 70,410 subscribers including retail and institutional investors placed 33,240 subscription requests.

The units will be allocated within 15 business days from the offer close date and the new units will be listed and traded after completing all relevant legal procedures.

The subscription to increase the total asset value of Mulkia Gulf Real Estate REIT Fund through an additional offering started on March 16 and ended March 29.

Mulkia Investment had set the subscription price for the additional units at SAR 6.68 per unit.

In February, the Capital Market Authority (CMA) approved the fund’s application to increase its total assets value through issuing additional units for acquiring real estate assets.

The fund's capital increase will range between SAR 250 million maximum and SAR 114.86 million minimum.