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.

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