YTL Hospitality REIT eyes RM99 mil private placement for debt repayment

KUALA LUMPUR (Feb 27): YTL Hospitality REIT's (KL:YTLREIT) manager Pintar Projek Sdn Bhd has proposed a placement of up to 90 million new units to raise an estimated RM99 million for repayment of borrowings.

The units represent about 5% of the REIT's enlarged unit capital.

The fundraising is based on an illustrative issue price of RM1.10 per unit, although the final price will be determined later, a bourse filing showed. The REIT's units settled at RM1.19 on Thursday, giving it a market capitalisation of RM2.03 billion.

As at end-December, the REIT had borrowings of RM1.41 billion, up 4.37% from RM1.35 billion in June. Cash and cash equivalents including deposits amounted to RM264.28 million.

YTL Hospitality REIT manages 18 hospitality properties, including 13 in Malaysia, two in Japan, and three in Australia, as well as one new hotel under the Moxy brand in Hokkaido slated for completion in the fourth quarter of 2026.

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