Swicorp announced the results of the meeting of unitholders of Swicorp Wabel REIT Fund yesterday, Wednesday.
According to Arabiya Net, the company said in a statement that the unit holders agreed to submit a request to the Capital Market Authority to dismiss the fund manager and stop him from entering into any new investments or obtaining Funding until a replacement fund manager is appointed.
It added that the unit owners agreed to authorize Faisal Muhammad Al-Abdullah and Muhammad Abdullah Al-Nimr to search and negotiate with an alternative manager of the fund and to complete the fund's work, provided that the search and negotiation period does not exceed 60 calendar days from the date of issuing the decision appointing the party concerned with the research and negotiation.
Swicorp had announced the update of the terms and conditions of the Swicorp Wabel REIT Fund.
