Wednesday, April 7, 2010
SunCity to go ahead with REIT IPO
Malaysian property company Sunway City today said it will inject eight retail properties into a real estate investment trust (REIT) for the listing of the assets.
The properties, which include shopping malls, hotels and office towers, will be injected into the REIT at a price to be determined at a later date, Sunway City said in a filing with the stock exchange.
In a separate announcement, Sunway City said it has applied to the Securities Commission (SC) for the proposed listing of the real estate investment trust.
Details of the proposed listing will be announced once it obtains all the relevant approvals, it said.
Sunway City may raise about RM1 billion in the offering and the REIT will likely have a market value of more than RM3 billion,
sources told Reuters in January.
The company has hired RHB Investment Bank and Credit Suisse as the main coordinators for the planned listing of the REIT.