| Element List | Explanation |
|---|---|
| Announcement Detail | MEFIC Capital, the fund manager of MEFIC REIT, announces that in the framework of cost control and reduction, it had started negotiations with many property and facility mangers and received some proposals to appoint property and facility manager for Plaza 1 building and Dhiyafa building. In view of that, the fund’s board of directors decided to appoint “Edara” company to be the property and facility manager of both Plaza 1 Building and Dhiyafa Building. |
The Impact Caused by the Event
The effect is positive for plaza 1 building as the collections fee will decline from 8% to 3.5%. Moreover, the monthly facility services fees will decline from around SAR 150,000 to SAR100,000. As for Dhiyaphah building, its collections fees will amount to 3.5% and facility services fees of SAR 80,000 per month.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.