IOIPG files prospectus for Malaysia REIT, offering 550.6m units to shareholders

IOI Properties Group has registered the prospectus for IOIPG Malaysia REIT with the Securities Commission. The REIT will offer 550.61 million units to entitled shareholders on a one-for-10 basis, with a tentative listing date of Nov 25.

PETALING JAYA (Oct 29): IOI Properties Group Bhd (IOIPG) said in a Bursa Malaysia filing that the prospectus for the establishment, offering and listing of IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) was registered with the Securities Commission Malaysia on Wednesday (Oct 28).

Under a restricted offer for sale, IOIPG will offer 550.61 million IOIPG REIT units to entitled shareholders on the basis of one unit for every 10 existing IOIPG shares held. The entitlement date is Oct 30 at 5pm, while the ex-date is Oct 29, according to the group’s Oct 15 entitlement announcement.

The restricted offering is non-renounceable and non-tradeable. Entitled shareholders may, to the extent lawful, take up all or part of their entitlements by paying the full retail price stated in the offer documents. Shareholders will receive no cash for entitlements they do not take up. Units not taken up will be made available to other entitled shareholders who have applied for excess units.

The Oct 15 notice indicated a tentative acceptance and payment deadline of Nov 10 at 5pm and a tentative listing date of Nov 25. These dates may change, with IOIPG REIT to announce the listing timetable in due course.

On Oct 12, IOIPG announced that it, the REIT manager and MTrustee, acting on behalf of IOIPG REIT, had entered into an underwriting agreement with six financial institutions. The agreement covers 165 million units under the public offering and restricted pink form offering, subject to clawback and reallocation provisions.

In an Oct 1 filing, IOIPG said Bursa Malaysia Securities had, through a letter dated Sept 30, approved IOIPG REIT’s admission to the Main Market and the listing of 5.5 billion units under the real estate investment trusts sector. The exchange also approved the listing of up to 300 million new units to be issued as payment of management fees to the REIT manager.

IOIPG shareholders approved all ordinary resolutions tabled at the Sept 30 extraordinary general meeting, covering the proposed disposals, offering, allocation of offer units to eligible directors and listing.