Alkhabeer Growth Fund’s unitholders to vote on 50% unit buyback on July 19

Logo of Alkhabeer Growth and Income Traded Fund

Unitholders of Alkhabeer Growth and Income Traded Fund will convene a general assembly on July 19, to vote on buying back units to cancel 50% of the total, at a price not exceeding the net asset value (NAV), according to a Tadawul statement.

The fund aims to repurchase 50 million units, which will be financed from the fund’s NAV, the statement noted.

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

The fund's board approved earlier this month the fund manager Alkhabeer Capital’s recommendation to buyback units to cancel 50% of the total, according to Argaam's data.