KUALA LUMPUR, March 1 — KLCC Property Holdings Bhd, which owns Malaysia’s iconic Petronas Twin Towers, is set to complete a restructuring and list in April the nation’s biggest real estate investment trust (REIT), sources told Reuters. The trust, three times larger than the next biggest Malaysian REIT, will raise no new money. The corporate restructuring was unveiled in November, creating a so-called stapled REIT by bundling existing shares of KLCC Property and units of KLCC REIT, in a bid to lure yield-hungry investors.
The restructuring will also help boost profits because of the REIT’s income tax exemption.
KLCC Property’s media office and investor relations did not return calls and email seeking comment on the timing of the REIT listing and the corporate restructure.
KLCC Property Holdings will house assets in excess of RM15 billion — including the 88-floor Petronas Twin Towers. It will be three times bigger than Malaysia’s largest REIT, Sunway REIT.
“They are looking at a market value of RM10 to RM11 billion,” said one of the sources, declining to be named because he is not authorised to speak to the media.
CIMB Investment Bank Bhd and Citigroup Global Markets Ltd are the principal advisor and the international financial advisor, respectively, for the deal. — Reuters
The announcement states that "The listing of the Stapled Securities is expected by early May 2013" and "the last day of trading of the Shares on the Main Market prior to suspension shall be 5.00 p.m. on Monday, 22 April 2013".
Any idea what would be the price of the Stapled Securities once it is listed in May 2013?
Would it be about the same price as the closing price of KLCCP share on the last day of trading (Monday 22 April 2013)?
KUALA LUMPUR: KLCC Property Holdings Bhd (KLCCP) will convert a three-level outlet in its Suria KLCC mall, previously occupied by retailer Parkson, into a “street mall”.
According to KLCCP group chief executive officer Datuk Hashim Wahir, entrepreneurs and start-ups would be able to sell different products in the “street mall”, among which food and beverages will be the main product offerings.
The space will be converted into smaller outlets, said Hashim. He also added that the new tenants will be occupying the outlet spaces by the end of 2019.“This is an opportunity for us to curate the mall to enhance it to the next level. We will transform the ground floor of the outlet into a more open mall, with an exciting experience.“Suria KLCC is actively engaging with the retailers and I am sure they would have a line up of retailers to ensure that the new retail shop lots will be fully occupied,” Hashim told reporters on the sidelines of the Invest Malaysia event yesterday.Parkson was one of Suria KLCC’s earliest tenants since 1998.The lease for the space of more than 120,000 sq ft previously occupied by the retailer has expired. KLCCP’s property portfolios include Suria KLCC, Mandarin Oriental Hotel, Kompleks Dayabumi and Menara Maxis.Hashim said that Suria KLCC will see a positive impact on its earnings due to higher net property income contributed by the “street mall” next year. When asked about the allocated amount for the company’s asset enhancement initiatives in 2019, Hashim said “it will be around RM10mil”.
When asked about the allocated amount for the company’s asset enhancement initiatives in 2019, Hashim said “it will be around RM10mil”. What is that 10million for. its a huge amount to be spend.
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
チャン チェンチン
76 posts
Posted by チャン チェンチン > 2012-12-11 15:59 | Report Abuse
Jump up so fast.. Anybody can explain why?