| Element List | Explanation |
|---|---|
| Date of the Previous Announcement | 2021-03-14 Corresponding to 1442-08-01 |
| URL of the Previous Announcement | Click Here |
| Subject of change | An Addendum announcement for the Saudi Fransi Capital’s announcement published on 01 Shaban 1442H corresponding to 14 March 2021G, Saudi Fransi Capital wishes in its capacity as a Fund Manager of Taleem REIT to announce the results of the study of the independent financial advisor appointed to assess the impact caused by Corona pandemic on Taleem REIT renters. |
| The Impact Caused by the Change | 1. The Fund Board agree to postpone the imposition of the annual increase in the value of lease contracts for a period of one year for the Fund’s properties for the Gregorian year 2021, provided that the increase will be affected starting from the Gregorian year 2022. |
2. Due to the preventive measures of Corona Virus pandemic (Covid-19), schools financial and operational performance has declined.
3. The financial advisor suggested that the fund should extend the support to the fund's evaluated properties in order to preserve the long-term and strategic interests with the renters.
4. The value of the discounts provided to the evaluated schools represents 10.3% of the total rental income for the fiscal year.
The Fund Board agreed on the results provided by the independent financial advisor and based on the recommendation, the above mentioned discounts will be granted to schools for the year 2021 G.
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