KUALA LUMPUR (March 28): AME Elite Consortium Bhd has obtained the approval from the Securities Commission Malaysia (SC) for the proposed establishment and listing of an industrial real estate investment trust (REIT), AME REIT, on the Bursa Malaysia Main Market.

AME REIT, an Islamic REIT on the Main Market, will have an initial fund size of 520 million, according to the integrated industrial space solutions provider in a bourse filing.

The retail offering of up to 174.81 million units will be allocated to restricted offer-for-sale of up to 156.61 million units, 7.8 million units to the eligible directors and employees of AME and its subsidiaries, and 10.4 million units for the Malaysian public.

For the institutional offering, at least 79.99 million units will be allocated to institutional investors and selected investors, comprising 65 million units to bumiputera investors to be approved by the Ministry of International Trade and Industry and at least 14.99 million units to Malaysian institutional investors and selected investors.

AME Elite said the proposed REIT listing is subject to approval from Bursa Malaysia, AME shareholders and respective shareholders of the vendors and consent from the financier.

AME Elite shares closed up two sen or 1.23% to RM1.65 for a market capitalisation of RM1.06 billion.

Edited by Lee Weng Khuen

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