SunCity proceeds with proposed REIT

KUALA LUMPUR: The Board of Directors and management of Sunway City Bhd (SunCity) is proceeding with the proposed listing of its real estate investment trust (REIT) consisting of selected properties currently owned partly or wholly by subsidiaries of SunCity.

The company said in an announcement to Bursa Malaysia on Feb 11 that it is appointing RHB Investment Bank and Credit Suisse (Singapore) Limited (“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 Berhad, Credit Suisse, The Hongkong and Shanghai Banking Corporation Limited (“HSBC”), J.P. Morgan Securities Ltd, Maybank Investment Bank Berhad (“Maybank Investment Bank”) 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.

The REIT listing was postponed due to unfavorable market conditions during the global financial crisis.