Newsroom
15 Jan 2018
The Edge : Amcorp ups stake in AmFIRST REIT
 
Amcorp ups stake in AmFIRST REIT
Adam Aziz/theedgemarkets.com
January 15, 2018 20:06 pm +08
 

KUALA LUMPUR (Jan 15): Amcorp Group Bhd today acquired 13.65 million units or a 2.92% stake in AmFIRST Real Estate Investment Trust (AmFIRST REIT) for RM9.44 million.

Amcorp Group acquired the units from Jadeline Capital Sdn Bhd via direct transaction, said Am ARA REIT Managers Sdn Bhd (AARM) in a filing with Bursa Malaysia.

The transaction was done at 69.1 sen per unit, which was a 1.1 sen or 1.62% premium to today's closing price of AmFIRST REIT units of 68 sen, Bloomberg data showed. 

"Amcorp Group is the major shareholder of AMMB Holdings Bhd and Amcorp Properties Bhd (Amprop), which in turn are indirect shareholders of Am ARA REIT holding 70% and 30% equity interest respectively," said AARM.

AARM chairman Soo Kim Wai is also a director in Amcorp, Amprop, AMMB and Am ARA REIT Holdings Sdn Bhd, it said. "Soo Kim Wai has no direct/indirect interest in respect of the aforesaid transaction," it added.

AmFIRST REIT's price experienced a decline last year, depreciating by 12.9% between Dec 30, 2016 and Jan 2, 2018 to 67.5 sen per unit. The counter last closed half a sen or 0.74% higher at 68 sen, giving the REIT a market capitalisation of RM466.75 million.