CMA Approves Delisting of Alkhabeer Growth & Income Fund

The Capital Market Authority approved Alkhabeer Capital’s request to delist the Alkhabeer Growth & Income Traded Fund from the Saudi Main Market (TASI). The regulator published its decision on May 20. The CMA explicitly stated the approval is not an endorsement of the delisting itself. The approval only confirms that the filing meets procedural requirements under the Capital Market Law and its implementing regulations.

Unitholder Vote and the Delisting Timeline

Two steps remain before the fund leaves TASI. The fund manager, Alkhabeer Capital, must publish a timetable for the delisting process. Then unitholders will vote on the proposal. If unitholders approve the move, trading in the fund’s units will be suspended ahead of the delisting. The board of the fund approved the manager’s recommendation to delist in December 2025. That earlier approval now sets the reference point for the conversion schedule.

The CMA sign-off clears the regulatory gate. The vote becomes the critical catalyst. A rejection by unitholders would keep the fund listed. The manager's published timetable will determine the meeting date and the suspension period.

Converting Closed-End to Open-Ended: Unitholder Exposure

The delisting is coupled with a structural conversion. The fund will become an open-ended public investment fund. Closed-end funds often trade at a discount or premium to net asset value (NAV). By converting to an open-ended structure, unitholders can redeem or subscribe at NAV directly. That eliminates the price gap that builds up in a listed closed-end fund.

For current unitholders, the plan offers a clean exit path at NAV. Anyone looking to reduce their position can redeem at the fund’s calculated asset value rather than selling into a potentially thin listed order book. Similarly, those wanting to add exposure can subscribe at NAV, avoiding any premium that might appear on the exchange.