Eddie Ong buys into Hektar REIT, says no plan to merge with KIP REIT for now
In a bourse filing on Wednesday, Hektar REIT said Ong acquired 42.
In a bourse filing on Wednesday, Hektar REIT said Ong acquired 42.
The termination of the agreement comes with a three months’ notice, PDC said.
It is important to note that Sunway had only emerged as a majority shareholder in Umech Land two days prior to the announcement of the agreement, by injecting RM23.
"It should investigate the land sale at RM26.
"The said meeting decided that Umech was to carry out a market survey to study the composition of land usage, [for] proof of Umech’s financial sustainability to be evaluated, and other related matters.
KIPMall Kota Warisan houses a one-and-a-half-storey retail centre, with a net lettable area of approximately 17,300 sq m on a freehold land in Dengkil, Sepang in Selangor.
The all-cash deal is deemed a related party transaction as KIP REIT’s major unitholder Datuk Ong Kook Liong is also a director and major shareholder of Cahaya Serijaya.
KIP REIT has proposed a final income distribution of 1.
The acquisition, which is expected to be completed by the first quarter next year, will expand the KIP REIT’s portfolio to 11 assets.