Category: News

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Call for a meeting : B52 Unit Holders.

Subject: Call for a meeting “ B52 Unit Holders”.

With reference to the Units holders’ meeting held on 13/9/2017 and since the time agreed upon elapsed without the finalizing the sale acquisition with Al Bilad Finance Company or any other company at the agreed price and profit threshold.

As a result, B52 Fund Manager “MaCeen Capital” would like to call for Units Holders’ meeting to discuss the latest developments regarding the liquidation of the Fund and to vote on the decisions that the Fund Manager intends to take. This meeting will held on Sunday 21/01/2018 at 06:30 pm (Venue: MaCeen Capital Headquarter in Riyadh – Olaya Street – at the meeting room in the first floor).

The Fund Manager desires the Unit Holders to vote on one of the following options:

Option (1):

To approve the offer submitted by Al Bilad Finance Company regarding the payment of the sale price (SR 270 million) entailing all taxes inclusive of VAT, taking into account the following:

  1. The subscription period ends on 19/04/2017 and can be extended for a period of 6 months.
  2. Because the allocation of shares “in kind” was intended to be completed by the end of December 2017, some clients showed lack of desire to proceed if the transaction was made in 2018. Thus, the company must complete the cash or in kind subscription “for those who wish”.
  3. According to the e-mail sent by Al Bilad Finance Company, the funding received is not commensurate with the Fund Manager and therefore will seek subsidy with other banks targeting an amount of SR 135 million and that will take some time.

Option (2):

To approve the offer made by the Fund Manager “MaCeen Capital”, which is the restructuring of the Fund to become a revenue-generating fund. You will find attached therein a letter summarizing terms and conditions, in addition to a financial study that sheds the light on the main changes:

  1.  Period: The fund is extended for a period of 5 years with the exits being on sold basis.
  2.  Financing: The First Bank was contacted to re-organize the loan to be established on interest payments only and to pay the principal of the financing after five years. We are currently waiting for their response. Other banks have also been contacted.
  3.  Management Commissions: The Fund Manager will waive part of the management fees recorded in the Fund’s books in previous years and to waive the management commission for 2018, on condition that the commission will be calculated starting from 2019 at (0.5%).
  4.  Custodian and Operations: The Fund Manager obtained an offer from Riyadh Capital to carry out the work of custodian of the Fund. Attached is a copy of the e-mail of the offer and the tasks hereinafter.
  5.  The Fund’s Board of Directors: In case of approval on the second option, the Board of Directors of the Fund will be composed of 5 members:-
    1. Two members from Fund Owners.
    2. One member from MaCeen Capital.
    3. Two independent members.
  6.  Distributions: If the existing loan is being restructured, the Fund will be able to make cash dividends of up to 7%.
  7.  Units Trading.
  8.  Financial Study, Terms and conditions are enclosed.

Option (3):

Place the property on auction.

qmaceen

QInvest and Maceen Capital sign strategic agreement

QInvest, Qatar’s leading investment bank, and Maceen Capital, a Saudi joint stock investment company, signed a strategic distribution agreement to work in collaboration to better service investors in the Kingdom of Saudi Arabia.

The agreement will allow Maceen’s existing clients as well as new qualified investors direct access to QInvest’s asset management and advisory platform, offering them the opportunity to participate in funds and investment deals available in Qatar and international markets.

“This agreement represents a positive step towards achieving our goal to reach and serve qualified investors in the Saudi market in a structured and convenient approach that meets their diverse investment needs and in collaboration with institutions we trust,” Tamim Al Kawari, Chief Executive Officer, QInvest, said in a statement.

Investment Products

Badr Al-Hammad, Chairman of the Board, Maceen Capital, said: “This agreement strengthens the existing cooperation between the two firms by enabling ease of access to a range of investment products for which we see increasing demand in the Saudi market. Maceen Capital’s high-ranking position among financial companies in Saudi Arabia ensures that it can provide its investors with matchless opportunities.”

QInvest

QInvest is the leading investment bank in Qatar and one of the most prominent Islamic financial institutes globally, with operations across the Middle East and Europe. It provides exceptional products in asset management, investment banking, real estate investment, credit investment and debt finance.

QInvest’s Asset Management division has witnessed a strong performance across the year with assets under management growing across a number of strategies. There has also been a number of positive developments in terms of developing new distribution channels with the team adding one of Turkey’s fastest growing brokerage houses to distribute QInvest’s onshore Turkish funds, and the addition of a new bancassurance channel in the GCC to distribute the QMAP fund range.

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Badr Al-Hammad at the Euromoney conference in real estate session 05/04/2016

قال بدر الحماد، إن رؤية 2030 لها أهداف محددة ولها نسب تسعى إلى الوصول إليها ولكي يتم الوصول لهذه النسب لا بد من أن يكون هناك تعاون بين ملاك الأراضي والمطورين، وأن يتعاون المطور في بناء الوحدة بتكلفة منطقية، وعلى شركات التمويل تقديم قروض بعوائد منطقية، حتى يتم الوصول للمطلوب بأسعار مناسبة، وأشار إلى أن هذا تحد كبير في ظل التغيرات التي قد تشهدها أسعار الفائدة داعيا إلى ضرورة البدء في ذلك على وجه السرعة.

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The presence of the kingdom within the Group of Twenty

Saudi Arabia is the only Arab country in the Group of Twenty, which confirms the great prestige enjoyed by the Kingdom in the representation of the Arab nation a whole in this international gathering, which includes the largest in the world 20 economy, as well as economic, political and religious clout enjoyed by the international level, The presence of Saudi Arabia within the Group of Twenty represents a recognition of the prominent role of the Kingdom in the consolidation of peace and stability regionally and globally, and in recognition of its central role in controlling the stability of the energy markets, through the adoption of conscious and prudent policy Rkizatha achieve the interests of producers and consumers, through achieving fair prices for energy keeps the pace of economic growth Universal, and check everyone’s interests, in addition to the prominent role within the Group of Twenty in international economic policies that contribute to the global economy out of its crises according to a comprehensive vision of the meet in which members of the Group of Twenty fee.