AMANAH Raya Bhd (ARB) expects to list its real estate investment trust (REIT) –the first by a government-owned company on Bursa Malaysia in October this year.
Chief executive officer Datuk Ahmad Rodzi Pawanteh
- Securities Commission has given approval to inject eight properties with an estimated value of RM300 million to RM350 million into the REIT and
- Called the Amanah Raya REIT,it will be managed by AmanahRaya-JMF Asset Management Sdn Bhd (AR-JMF)
Also in accordance with Mohamed Azahari Kamil,managing director of AR-JMF:
- Its hope to launch the prospectus sometime in the middle of September and (do) the listing sometime in October;
- Amanah Raya,which is wholly-owned by the Finance Ministry,hopes to raise between RM120 million and RM150 million from the initial public offering;
- Proceeds will be used to inject more assets into the REIT;
- The first eight properties that will be injected are mostly located within the Klang Valley which comprise hotels,industrial,commercial retail and office(properties);
- The REIT therefore is structured to be a multi-sectored which is able to offer attractive yield comparative to the market;
- Amanah Raya has about 20 properties that we own under the common fund,so from time to time,it will inject good properties in order to enhance the value of the REIT
- AR-JMF currently manages over RM4.7 billion worth of funds.
Incidentally, ARB has also secured approval to launch a RM1 billion unit trust,half of which will be Syariah-compliant which it expects to launch sometime in the middle of September.
FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach.
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