Malaysian Resources to announce REIT proposal-The Edge Financial Daily
Malaysian Resources Corp Bhd (MRCB) is going to undertake a real estate investment trust (REIT) exercise sooner than thought, as sources noted that the company look to announce a REIT proposal as early as this week.
Talk of MRCB planning a REIT has been going on the past few months, as management said it is exploring options to rationalise its asset base and east its debt load.
Such options include the creation of a REIT as well as the disposal of its 30 percent interest in the Duta-Ulu Kelang Expressway (DUKE) concession.
Imran Salim, chief operating officer, told The Edge weekly three weeks ago that the management had mapped out plans to monetise its assets and make MRCB a more property-centric entity.
“We have quality income-generating assets and we are getting good yields out of them. If it happens, we would prefer to go to the market with at least a 3 billion ringgit ($900.23 million) REIT, which is sizeable and possesses enough visibility to attract foreign investors,” says Imran.-The Edge Financial Daily
NOTE: Reuters has not verified this story and does not vouch for its accuracy.
($1 = 3.3325 Malaysian ringgit)