The future road map for IGB points to this. They will finally list their final part in their portfolio -- hotel assets --as REIT too, may be after 5 years from now. Eventually the parent IGBB itself will be delisted. There is little merits to be listed as such an illiquid stock. What is special about IGBB is that almost all of their assets are of top quality, including the precious land they own in London.
IGB berhad braves the rough and tough market for office real estates. I believe it says something about the underlying asset quality. There is no retail IPO but only through the current routes (buy 2 free 3) for retail investors, perhaps fearing of under subscriptions? I believe eventually the big part will be offered to EPF and KWAP, both are the current major shareholders of sister REIT, IGBREIT.
Adam, the media coverage is skewed, and retail investors tend to follow it, generally speaking. 1. PE of >30 is considered high but it is for 2019. PE should be based on future earnings, not history. 2. RM500mil was paid for dividends prior to IPO. These money belong to the shareholders anyway prior to IPO. They deserved it. 3. Concern about market saturation. Not really true, as the 2 new brands Mr. Toy and Mr. Dollar are just in its infancy. Mr. DIY is in its leadership position to gobble up market shares of smaller players through economy of scale. 4. More importantly, the logistics capabilities could be the most valuable assets. Its extensive network can be priceless for ecommerce in the coming years. Alibaba is doing just that -- focusing on offline retailing to complement its online sales, buying up some big retailers.
Siva does not own more than 5%. If Siva owns more than 5%, he needs to file his shareholding to Bursa. There was no filing on Bursa thus far. Siva is definitely a yield investor. He emerged as the substantial shareholder (>5%) of CLIQ only after CLIQ failed.