KUALA LUMPUR, March 3 (Bernama) -- WCT Holdings Bhd has received approval from the Securities Commission Malaysia (SC) to establish and list Paradigm Real Estate Investment Trust (Paradigm REIT) on the Main Market of Bursa Malaysia.
In a filing with Bursa Malaysia, WCT said Paradigm REIT will be launched with an initial fund size of 1.6 billion units and will acquire three properties worth RM2.44 billion.
“The acquisition by Paradigm REIT for a total purchase consideration of RM2.44 billion to be satisfied through the issuance of 1.6 billion units valued at RM1.00 per unit and RM837 million in cash funded by structured medium-term notes (MTNs),” it said.
WCT said the proposed offering of up to 254.7 million units will be allocated for retail investors, including WCT shareholders, employees, and the Malaysian public.
From the 254.7 million units, it said there would be a restricted offer for sale of up to 194.86 million restricted offer units (ROUs) to the Entitled WCTH Shareholders whose names appear on the record of depositors of WCT on the basis of one ROU for every eight existing Shares held on a date to be announced by WCT.
“Up to 27.79 million Units to the eligible directors and employees of the WCT Group and Paradigm REIT Management Sdn Bhd.
“32 million units are applicable by the Malaysian public, of which 16 million units are reserved for application by the Bumiputera public investor via balloting,” it said.
Meanwhile, 305.3 million units will be offered to institutional and selected investors, with 200 million units reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
“105.34 million units to institutional investors and selected investors,” it said.
There are conditions where Paradigm REIT to allocate 12.5 per cent of its enlarged number of issued units to Bumiputera investors to be approved by the MITI and to make available at least 50 per cent of the units offered to the Malaysian public investors via balloting to Bumiputera public investors.
The listing is subject to approvals from Bursa Malaysia, shareholders, state authorities, and financiers.
-- BERNAMA
