Axis REIT placement shares fixed at RM1.72

KUALA LUMPUR (Nov 1): Axis Real Estate Investment Trust has fixed the issue price for the placement of 160.85 million new shares at RM1.72 per placement unit.

The placement will raise RM276.66 million in gross proceeds.

In a filing with Bursa Malaysia, Axis REIT said the price of RM1.72 per placement unit constitutes a discount of 2.9% to its five-day weighted average price (WAMP) up to and including Oct 30 of RM1.772 per unit.

The fixed price for the placement of 160.85 million new shares, represents 13% of Axis REIT's total issued units of 1.24 billion units as at Oct 30, 2019.

Prior to this, the REIT said it plans to place out up to 247.46 million new units or 20% of its total issued shares to repay bank loans and reduce its gearing ratio.

Meanwhile, it also announced that its shares will resume trading tomorrow (Nov 1) after having been suspended since this morning at 11.12am.

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