المادة 49(b): REITs Buy-back and Sale of Its Units

b) a REIT fund may buy-back its units unless the fund’s terms and conditions stipulate otherwise, in accordance with the following controls:

1. The buy-back of the fund's units is for the purpose of keeping them as treasury units or in order to cancel them.

2. With regards to the provisions of sub-paragraph (3) of paragraph (b) of Article (47) of these Regulations, the percentage of treasury units for the fund shall not exceed (10%) at any time.

3. Issuance of a special fund resolution by the unitholders approving the buy-back process, specifying the maximum number of units subject to the buy-back and its purposes, the sources of financing the buy-back process, and authorising the fund manager to complete the buy-back within a period not exceeding (12) months from the date of the issuance of the referenced special fund resolution. Moreover, unitholders may issue at any time issuing a special fund resolution to change the purposes of the buy-back.

4. Unless the purpose of buying-back the units of the fund is to cancel them, the units buy-backs must be made not exceeding (10%) of the quantity approved at the meeting of the unitholders for buy-back within one trading day, unless the approved quantity, or the remainder of the approved quantity that is not bought-back yet, is less than (10%) of the trading volume of the fund's units the day before the buy-back.

5. The buy-back price shall not exceed (5%) of the market closing price on the day preceding the day on which the buy-back is executed.

6. The buy-back does not result in a decrease in the ownership of public unitholders to less than the liquidity requirements stipulated in the Listing Rules (where applicable) for the units issued by the Fund.

7. The buy-back shall be made through the Exchange and not through a special transaction.

8. The treasury units bought-back by the fund shall have any no voting rights at the unitholders meeting and shall not have any right in fund distributions.