COVID–19 NEWS   COVID: 32.5 pct of children in Malaysia fully vaccinated | PAC urges special audit on gov’t expenditure during COVID-19 pandemic | COVID: 1,142,104 children in Malaysia fully vaccinated | COVID-19: Over 1.1 million kids in Malaysia fully vaccinated | MOH does not plan to extend PICKids | 
BUSINESS

AME gets shareholders' nod for AME REIT listing on Bursa Malaysia's Main Market

11/05/2022 08:44 PM

KUALA LUMPUR, May 11 (Bernama) -- Integrated industrial space solutions provider AME Elite Consortium Bhd has secured shareholders’ approval at the extraordinary general meeting today for the proposed listing of its real estate investment trust (AME REIT) on Bursa Malaysia’s Main Market.

In a statement today, AME said the proposal entails the listing and quotation for 520 million undivided interests (units).

AME Elite Consortium group managing director Kelvin Lee Chai said the company is now a step closer to finalising the listing of AME REIT in the second half of 2022 and expected to be completed by the third quarter, which will unlock the value of the firm’s industrial and industrial-related assets.

“AME REIT will be the main vehicle representing the property investment activity for the group upon its debut on the Main Market. Thus, AME is able to undertake future development projects with optimised capital efficiency, while AME REIT will stand to secure a strong portfolio of industrial and industrial-related properties,” Lee added.

Lee explained that at an illustrative offer price of RM1 per unit, AME is expected to raise RM254.8 million in proceeds from the listing of AME REIT.

About RM105 million will be used to repay borrowings, RM4.5 million for expenses relating to establishing the REIT, and the balance RM145.3 million for future industrial property development and investment projects including land acquisitions and joint ventures.

Meanwhile, AME shareholders also approved the proposed disposals of 31 industrial properties and three industrial-related properties from AME to AME REIT for a total of RM557 million, to be satisfied via the proposed issuance of 520 million units in AME REIT and cash consideration of RM37 million.

AME REIT is an Islamic REIT that will have an initial portfolio of 31 industrial properties with ongoing leases/tenancies to various local and foreign companies as well as three workers' dormitories that mainly cater to the workers of AME’s industrial park tenants.

As of March 31, 2022, the average occupancy rates of the industrial properties and workers' dormitories stood at 97.1 per cent and 100 per cent respectively.

-- BERNAMA

 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy