Tower REIT to incorporate RM7.6 mil into its Dec 31, 2015 financial statements

KUALA LUMPUR (Jan 14): Tower Real Estate Investment Trust (REIT) would incorporate RM7.6 million revaluation surplus from Menara HLA and HP Towers, into its financial statements as at Dec 31, 2015.

In a filing with Bursa Malaysia today, Tower REIT said the revaluation done by independent valuers, Raine & Horne International Zaki and Partners Sdn Bhd, will raise the unaudited net asset value by 2.71 sen per unit.

Tower REIT said the properties revalued comprise Menara HLA – a 32-storey building on a freehold land at 3 Jalan Kia Peng, Kuala Lumpur, and HP Towers - two blocks of nine and 21-storey office buildings at 12 Jalan Gelenggang, Bukit Damansara, Kuala Lumpur.

The revaluation was conducted in accordance with Securities Commission’s REIT guidelines which states that revaluation of all the real estates in the fund's investment portfolio should be carried out once every three years.

Tower REIT is involved in mostly commercial real estate investments with the objectives of achieving steady and sustainable distribution as well as longer-term capital appreciation.

At 10.15am, the stock remained unchanged at RM1.22 with 211,000 shares done for a market capitalisation of RM342.2 million. -- theedgemarkets.com

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