Hektar REIT secures Bursa approval to issue up to 42.08 million units for proposed school acquisition

PETALING JAYA (Aug 6): Hektar Real Estate Investment Trust (Hektar REIT) has secured Bursa Malaysia Securities Bhd's approval to list and quote up to 42,075,256 consideration units to partly fund its proposed RM125 million acquisition and leaseback of KYS KL East International School.

In a Bursa Malaysia filing on Wednesday (Aug 5), the REIT said the approval is subject to several conditions, including compliance with the minimum 25% public unitholding spread requirement, adherence to the Main Market Listing Requirements, submission of a certified true copy of the unitholders' resolutions approving the proposed acquisition and lease, notification upon completion of the transaction, and written confirmation that all approval conditions have been met.

The proposed acquisition, announced in May, involves Hektar REIT acquiring KYS College Sdn Bhd's leasehold interest in the school property in Mukim Setapak, Kuala Lumpur, for RM125 million, comprising RM106.55 million in cash and RM18.45 million through the issuance of new units.

Upon completion, Hektar REIT will lease the property back to the vendor, allowing KYS KL East International School to continue operating.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!