Saudi Fransi Capital, a leading financial services provider that manages client-focused equity and fixed income portfolios, has won approval to nearly double the capital of its real estate investment trust (REIT) fund.
A subsidiary of Banque Saudi Fransi, the company manages sharia-compliant mutual funds and conventional mutual funds for its clients.
The firm, which was formerly known as Fransi Tadawul, invests in the public equity, fixed income, and alternative asset markets across the globe with a focus on Saudi and GCC.
The unitholders of its Taleem REIT fund have backed the Saudi Fransi Capital's move to boost its capital from SR285 million to SR510 million ($76 million to $136 million) through acquisition of a new real estate asset, said the company in its statement to the Saudi bourse Tadawul.
During a key meeting held recently in Riyadh, the unitholders gave approval to the amended terms and conditions of the fund which include updates on the capital, the number of units, the risks involved and the mechanism of the increase in fund's capital and the allocation mechanism of new units, it added.-TradeArabia News Service