Latest news with #SICOSaudiREIT
Syyaha
15 hours ago
- Business
- Syyaha
SICO Capital Announces Strategic Voluntary Transition in Management of SICO Saudi REIT
SICO Capital, the fund manager of SICO Saudi REIT , announced today that unitholders of SICO Saudi REIT have approved its decision to voluntarily withdraw from managing the fund and voted to appoint Wasatah Capital as its successor, subject to final approval from the Saudi Capital Market Authority. The resolution was passed during a meeting of the REIT's unitholders which was held virtually on 26 June 2025 via Tadawulaty. This decision to transition out of the Fund's management came after a thorough internal strategic review process at SICO Capital, which also appointed its new CEO last month. Management views the move as a strategic step in the best interest of unitholders and the long-term sustainable growth of the fund. Wissam Haddad, CEO of SICO Capital, said, 'This transition represents a new chapter for the REIT and reflects SICO Capital's ongoing commitment to unitholders. We received significant interest from several fund managers, these requests were handled with full transparency and objectivity, underscoring our commitment to ensuring a smooth and well-governed transition that safeguards unitholder's interest and supports price stability. We are confident that this step will support the long-term sustainability of the fund's success, in compliance with the Capital Market Law, its implementing regulations, and other relevant laws and regulations
Zawya
15 hours ago
- Business
- Zawya
SICO Capital announces strategic voluntary transition in management of SICO Saudi REIT
SICO Capital, the fund manager of SICO Saudi REIT , announced today that unitholders of SICO Saudi REIT have approved its decision to voluntarily withdraw from managing the fund and voted to appoint Wasatah Capital as its successor, subject to final approval from the Saudi Capital Market Authority. The resolution was passed during a meeting of the REIT's unitholders which was held virtually on 26 June 2025 via Tadawulaty. This decision to transition out of the Fund's management came after a thorough internal strategic review process at SICO Capital, which also appointed its new CEO last month. Management views the move as a strategic step in the best interest of unitholders and the long-term sustainable growth of the fund. Wissam Haddad, CEO of SICO Capital, said, 'This transition represents a new chapter for the REIT and reflects SICO Capital's ongoing commitment to unitholders. We received significant interest from several fund managers, these requests were handled with full transparency and objectivity, underscoring our commitment to ensuring a smooth and well-governed transition that safeguards unitholder's interest and supports price stability. We are confident that this step will support the long-term sustainability of the fund's success, in compliance with the Capital Market Law, its implementing regulations, and other relevant laws and regulations.' -Ends- About SICO Capital SICO Capital is a full-service financial services firm that offers a comprehensive range of services and products to individual, institutional and corporate clients. SICO Capital has a paid-up capital of SAR 60.0 million and is incorporated as a closed joint stock company (CJSC) in Riyadh, Kingdom of Saudi Arabia (KSA) under Commercial Registration No. (1010259328). SICO Capital is licensed by the Capital Market Authority (CMA) under Authorization No. (08096-37) and commenced operations on 20/06/2009G (previously under Muscat Capital). Our comprehensive licenses allow us to offer the full spectrum of capital market activities such as Arranging, Advising, Custody, Dealing, Managing Investments and Operating Fund. SICO Capital manages SAR 7 billion in AUMs (as of March 31, 2024G) across mutual funds and discretionary portfolios, we aim to service our clients to achieve their investment objectives through our research driven investment process, insightful financial advisory while operating in a client-centric, high-performance culture. SICO Capital is 100% owned by SICO BSC (c), Bahrain, SICO is a leading regional asset manager, broker, and investment bank with more than USD 7 bn in assets under management (AUM). Media Contact: Ms. Nadeen Oweis Head of Corporate Communications, SICO Email: noweis@
Argaam
20-04-2025
- Business
- Argaam
SICO Saudi REIT: Execution orders to recover SAR 16M in rents, negative impact expected
SICO Capital, the fund manager of SICO Saudi REIT, received notices of execution orders from Eskan Development and Investment Co. on April 18. Eskan, the seller and former tenant of the fund's assets (Eskan Towers 4, 5, and 6), issued the orders against Mashaar REIT Real Estate Co., a special-purpose vehicle holding the fund's assets. In a statement to Tadawul, the company said Eskan is seeking to recover SAR 15.99 million in rental payments for Eskan Towers 4 and 6, covering three years of contractual rent under the signed lease agreements, from Dec. 27, 2019, to Dec. 26, 2022. The fund manager expects the event to have a negative impact, as it could adversely affect the fund's liquidity and its ability to distribute dividends in the short term. The effect disclosed in this announcement does not consider any further developments that may occur in the future. Eskan Development owns 25.69%, or 14.7 million units, of the fund's capital, according to Argaam data.
