12 May 2012

IGB REIT IPO Update: KrisAssets Holdings announced proposed disposal of its Mid Valley Megamall, The Gardens Mall and related assets for RM4.6 Billion to its IGB REIT subsidiary

(IGB opening stock price today (12.5.2012) was RM 2.74)

IGB Corporation Bhd's unit, KrisAssets Holdings Bhd, has announced the proposed disposal by the wholly-owned subsidiaries of KrisAssets of Mid Valley Megamall, Mid Valley Megamall Related Assets, The Gardens Mall and The Gardens Related Assets, for a total disposal consideration of RM4,612.6 million.

It is to be satisfied via the proposed issuance of 3,400 million units in IGB REIT and the balance in cash, KrisAssets said in its filing to Bursa today.

It was reported earlier that KrisAssets has proposed to establish a real estate investment trust (REIT) comprising two shopping malls, The Gardens Mall and Mid Valley Megamall, which will be listed on Bursa.

KrisAssets also announced an offer for sale by Mid Valley City Gardens Sdn Bhd of 670 million Consideration Units, via an initial public offering pursuant to the Proposed Listing (Proposed Offer for Sale).

There will also be a proposed distribution by KrisAssets of 2,730 million Consideration Units and the remaining cash proceeds from the Proposed Disposal and the Proposed Offer for Sale to the entitled shareholders of KrisAssets at an entitlement date to be determined later.

Following the completion of the Proposed Disposal, KrisAssets will be a company without any business or operations. Bernama

Source: www.btimes.com.my


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