The collaboration marks KLK’s inaugural venture into industrial property development and represents an expansion for AME Elite outside of Johor and Penang, where it is a major industrial property developer.
RAM Rating Services Bhd has assigned a rating of “AA3” to the IMTN programme, and “P1” to the ICP programme, both with a stable outlook.
Earnings per share fell to 2.
This is AME REIT’s second acquisition from AME Elite within 10 months.
“This venture beyond Johor will enable us to tap into new markets and meet increasing demand for industrial properties in Penang,” said the group in its latest annual report.
According to AME Elite, the proposed acquisition, which is expected to be completed by the third quarter of this year, presents a strategic investment opportunity to increase its land bank.
In a note on Friday, the research house said AME missed its earlier set property sales target of RM350 million (actual: RM284 million) in FY2024 due to timing of conversion, instead of the demand factor.
The land was sold to Digital Hyperspace Malaysia Sdn Bhd (DHM) at a record RM138 per sq ft, marking AME Elite's first deal in the data centre segment.
The lands are all located in I-TechValley within Phase 3 of the Southern Industrial and Logistics Clusters (SILC) in Iskandar Puteri.
Shares of AME Elite were last traded at RM1.
The only property app you need. More than 200,000
sale/rent listings and daily property news.
