28 June 2012

KLCC Property Holdings Bhd (KLCCP)'s management to explore possibility of setting up a Real Estate Investment Trust (REIT) or equivalent to optimise shareholder value

KLCC Property Holdings Bhd (KLCCP) is exploring the setting up of a real estate investment trust (REIT) or equivalent to optimise shareholder value.

It said on Thursday it had authorised the management of KLCCP to explore a corporate structure including an appropriate REIT or equivalent.

"It is expected that any proposals arising from this exercise will be subject to the approvals of relevant authorities, the board of KLCCP, and shareholders," it said in a statement to Bursa Malaysia.

Shares of KLCC Property Holdings Bhd (KLCCP) rose to a high of RM4.32 on Thursday after it announced plans to look into the setting up of a real estate investment trust (REIT).

At 2.54pm, KLCCP was up 46 sen to RM4.32 with 1.99 million shares done. Its call warrants KLCCP-CA added 10.5 sen to 30.5 sen with 1.75 million unites done.

The FBM KLCI fell 5.26 points to 1,596.63. Turnover was 885.02 million shares valued at RM1.70bil. Losers beat gainers 413 to 193 while 313 counters were unchanged.

KLCCP announced earlier on Thursday that a REIT or equivalent would optimise shareholder value.

Its BOD authorised the management of KLCCP to explore a corporate structure including an appropriate REIT or equivalent.

"It is expected that any proposals arising from this exercise will be subject to the approvals of relevant authorities, the board of KLCCP, and shareholders," it said in a statement to Bursa Malaysia.

Source: www.thestar.com.my

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