Alkhabeer Growth & Income approves 20% unit repurchase

Logo of Alkhabeer Growth and Income Traded Fund

Alkhabeer Growth and Income Traded Fund’s unitholders approved on Aug. 29 the repurchase of up to 20% units (20 million units) for cancelation, according to a statement to Tadawul.

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The repurchase must align with the proposed mechanism, and made within 12 months from the date of approval.

The buyback will be financed from the fund’s net asset value (NAV), and the repurchase transactions will be executed through the Saudi Exchange (Tadawul), with no negotiated deals.

Further, the units repurchased for cancellation will not have any voting rights and will not be eligible to receive cash dividends.

The fund manager will be authorized to implement the repurchase within a maximum period of 12 months from the date of the approval.

Unitholders approved amending the distribution policy mentioned in the fund terms and conditions while authorizing the fund manager to appoint a market maker.