Riyadh – Mubasher: AlKhair Capital Saudi Arabia, acting as the Sukukholders’ Agent, has announced the commencement of formal procedures following a payment default by Rawasi Albina Investment Company, according to a bourse filing.
The move follows a previous disclosure regarding the non-payment of periodic distribution amounts due on the Rawasi Albina Sukuk (Series 1), prompting the agent to initiate the legal and administrative protocols outlined in the Sukuk documentation to protect investor interests.
AlKhair Capital confirmed it is moving forward with the necessary steps to address the Event of Default.
Under the governing terms of the Sukuk Documents, the agent is mandated to notify all Sukukholders of the default and establish a formal communication mechanism.
This process is designed to brief investors on the current status of the issuance and to present various courses of action available to them under the current circumstances.
The primary focus of the upcoming phase involves coordinating with relevant parties to organize a Sukukholders’ meeting.
AlKhair Capital is currently finalizing the logistics for this assembly, which include determining the meeting agenda, the registration process, and the electronic voting framework.
The agent has committed to publishing a subsequent announcement within five business days, which will provide the specific date for the meeting and the comprehensive documentation required for investor review.
The disclosure also clarified the specific quorum and voting thresholds required to pass resolutions during the meeting, as dictated by the Sukuk Documents. For matters classified as ordinary business that do not require an Extraordinary Resolution, the quorum is established at 25% of the Sukukholders present or represented.
If the meeting is called to address an Extraordinary Resolution that does not involve a Basic Terms Modification, the quorum requirement rises to 50%.
In instances where the agenda involves an Extraordinary Resolution relating to a Basic Terms Modification—which typically includes changes to maturity dates, profit rates, or principal amounts—the quorum is set at a minimum of 66.6% of the Sukukholders.
Regardless of the quorum level, the passing of any Extraordinary Resolution requires a supermajority approval of at least 75% of the votes cast during a duly convened meeting.
AlKhair Capital has urged all Sukukholders to ensure their registration in the Tadawulaty system. This registration is essential for investors to exercise their right to attend the meeting and participate in the electronic voting process once the formal invitation is issued.
The agent has also established dedicated communication channels, including a toll-free telephone line and a corporate email address, to handle inquiries from affected investors during standard business hours.
The initiation of these procedures marks a critical juncture for the Rawasi Albina Series 1 Sukuk as the agent seeks to align investor consensus on the next steps following the missed distribution payment.
The forthcoming meeting will serve as the official platform for Sukukholders to deliberate on the proposed resolutions and determine the trajectory of the recovery or restructuring process.
