Bookmark & Share
Singapore-listed Frasers Centrepoint Trust (FCT) has paid a total of RM21.1 million (S$6.78 million) to subscribe for its full allocation in the RM67.67 million renounceable rights issue of Malaysia-listed Hektar REIT, revealed an SGX filing on Wednesday (30 August).
In total, Hektar REIT issued 60,966,061 new rights units on Tuesday (29 August) at RM1.11 apiece on the basis of seven rights units for every 46 existing units in the trust as of 31 July 2017.
Upon completion of the subscription, which was funded by internal resources, FCT now holds 143,898,398 units in Hektar REIT. This translates to an effective stake of 31.15 percent, up from 31 percent in April 2008.
Meanwhile, the proceeds from the issuance will be used to partly finance the acquisition of 1Segamat Shopping Centre in Johor from EcoFirst Consolidated’s unit Tashima Development for RM104 million.
The Star reported in June that the three-storey property is the only purpose-built mall in Segamat. It has an occupancy rate of 96.35 percent and a leasable area of about 223,438 sq ft.
Tenants include Watsons, Popular Bookstore, Guardian Pharmacy, UO Superstore, Old Town White Coffee, Lotus Five Star Cinemas and Kentucky Fried Chicken.
Upon completion of the transaction, 1Segamat will be the sixth property in Hektar REIT’s portfolio.
This article was edited by Denise Djong.
Related Articles:
CapitaLand's retail Reits may be merged