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KUALA LUMPUR: Sunway City Bhd (SunCity) and Credit Suisse (Singapore) Ltd has entered into a conditional cornerstone agreement with Government of Singapore Investment Corp Pte Ltd (GIC), where GIC has agreed to acquire an aggregate number of 134,005,615 units of Sunway’s proposed Real Estate Investment Trust (REIT) listing.
The units represent 5% of the total number to be listed at the lower of the institutional price and RM0.98 per unit.
“Further, SunCity had also on entered into an underwriting agreement with Sunway REIT Management Sdn Bhd, OSK Trustees Bhd (on behalf of Sunway REIT), RHB Investment Bank [as the coordinator] and RHB Investment Bank, CIMB Investment Bank Bhd and Maybank Investment Bank Bhd (as joint underwriters), to severally but not jointly underwrite the offering of 134,005,600 units, subject to clawback and reallocation, to the Malaysian public,” said SunCity in a filing to Bursa Malaysia on May 27.
On Feb 11, the company said it has appointed RHB Investment Bank and Credit Suisse as joint global coordinators and RHB Investment Bank as sole financial adviser for the proposed listing.
It has also appointed CIMB Investment Bank Bhd, Credit Suisse, The Hongkong and Shanghai Banking Corp Ltd, J P Morgan Securities Ltd, Maybank Investment Bank Bhd and RHB Investment Bank as joint bookrunners for the initial public offering of the REIT.
Maybank Investment Bank is the sole financial adviser for the proposed disposal of the selected real estate properties to the REIT, it added.
Sunway REIT is a proposed real estate investment trust with an initial fund size of 2,780,112,300 units.
The REIT listing was postponed due to unfavourable market conditions during the global financial crisis.
