Alkhabeer Growth Fund’s board approves 50% unit buyback

Logo of Alkhabeer Growth and Income Traded Fund

The board of directors of Alkhabeer Growth and Income Traded Fund approved fund manager Alkhabeer Capital’s recommendation to buyback units to cancel 50% of the total, at a price not exceeding the net asset value (NAV).

In a statement to Tadawul, Alkhabeer Capital said the fund aims to repurchase 50 million units, in line with its terms and provisions a well as the executive regulations of the Capital Market Authority (CMA).

The unit buyback would be financed from the fund’s NAV, the statement noted, adding that the repurchase decision will be discussed in the upcoming general meeting, the date for which will be announced later.

The unit repurchase will span 12 months from the approval date, and will be executed through the stock exchange. The repurchased units would not be eligible for voting or distributions.