Thursday 20 Jun 2024
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KUALA LUMPUR (Aug 13): KIP Real Estate Investment Trust (KIP REIT) plans to undertake a private placement to raise up to RM80.85 million for the group’s future acquisitions.

The private placement involves an issuance of up to 101.06 million new units, representing up to 20% of the total number of 505.3 million units issued to the independent investors to be identified at a later date.

“The placement units will not be priced at more than 10% discount to the five days VWAMP [volume weighted average market price] of KIP REIT units immediately preceding the price fixing date to be determined later,” the REIT said in a bourse filing.

The five-day VWAMP of up to Aug 12 was 88.58 sen, it added.

KIP REIT said the estimated gross proceeds of RM80.85 million is based on an indicative issue price of 80 sen per placement unit.

It expects the placement to be completed by the first quarter of next year.

Shares of KIP REIT settled unchanged at 86 sen today, valuing the trust at RM434.56 million.

Edited ByS Kanagaraju
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