KUALA LUMPUR (Dec 1): AME Elite Consortium Bhd is looking at establishing and listing a real-estate investment trust (AME REIT) on Bursa Malaysia’s Main Market.
In a bourse filing, the integrated industrial space solutions provider said the REIT’s initial investment portfolio will include industrial properties that are currently owned by its subsidiaries. The exact properties to be injected into the investment portfolio will be identified later.
AME said it is also looking at placing units to institutional investors and selected investors to meet the minimum 25% public shareholding spread. I Currently, AME owns and manages industrial leasing properties at its industrial parks in Johor, namely i-Park@SiLC, i-Park@Indahpura, i-Park@Senai Airport City, and District 6.
The proposed AME REIT would provide a stable and recurring income to investors, with at least 90% of its income to be distributed to unitholders. Hong Leong Investment Bank has been appointed as the principal adviser and bookrunner for the proposed REIT.
AME group managing director Kelvin Lee Chai said in a statement: “We believe that this REIT would be a very unique proposition to retail and institutional investors alike, as it allows them access into a growing portfolio of high-occupancy properties with resilient demand.
“Not only that, this REIT would be an instrument of growth for AME, by unlocking value and enabling the group to continue pursuing our plans of expanding the landbank for our industrial parks segment, and increasing the capacity of our construction division to sustain our momentum,” he said.
Lee said the REIT would also provide stable and recurring income to investors, with at least 90% of its income to be distributed to unitholders.
Shares of AME Elite closed 0.89% or two sen higher at RM2.27 today, valuing it at RM969.55 million.
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