Al-Maather REIT says MoU with Al-Roqi National Schools ends without renewal

Osool & Bakheet Investment Co., the fund manager of Al-Maather REIT Fund, said the extension to the memorandum of understanding (MoU) signed with Al-Roqi National Schools Co. to develop and build Al-Roqi National School in Riyadh has expired without renewal.

The two parties have agreed to keep the communication open regarding any future agreement, after attaining statutory licenses and with new contractual terms appropriate for both parties, the firm said in a statement to Tadawul.

There are no related parties or any financial impact following the end of the MoU, it added.

Al-Maather REIT Fund signed the MoU with Al-Roqi National Schools Co. in December 2019 to develop and build Al Roqi National School in south Riyadh at Zahra district on a land area of 7,000 meters

The MoU was first extended until May 31, 2020, and subsequently granted another extension until Oct. 31, 2020, Argaam reported.