Post Reply
1-3 of 3
On slow uptrend again
It is set to raise at least MYR147 million with its IPO in Malaysia, after it was more than 12x subscribed by institutional investors.
CapitaLand, Southeast Asia's largest developer, said on Tuesday that said the institutional investors would pay MYR0.92 -- the top end of a MYR0.895-0.92 range -- for each unit of the REIT.
CapitaLand teamed up with Quill Group to sell 83.4 million units out of a total of 167.1 million units in the property trust to institutional investors.
Retail investors will be offered each unit at MYR0.84 in a public offering which closes on Friday.
The REIT will be CapitaLand's fifth and also its first listed outside of Singapore.
It would raise up to $65.2 million in the Malaysia listing of a REIT based on commercial properties.
The developer, 46% owned by Temasek Holdings, said it has teamed up with Malaysian real estate firm Quill Group to sell 167.1 million units in the property trust in a range of MYR0.895-0.92 each.
Quill Capita Trust, based on returns from four commercial buildings worth $119 million in Malaysia, is expected to generate a distribution yield of 7.14% based on its projected distribution per unit of 6 Malaysian cents for the financial year 2007.
The trust is expected to make its debut on Malaysia's stock exchange on Jan. 8 next year.
CapitaLand, which will have a 40% stake in the trust manager of Quill Capita Trust.