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Hektar REIT gets the greelnlight from Securities Commission

May 17, 2012
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Hektar Asset Management Sdn Bhd, which manages the Hektar Real Estate Investment Trust (Hektar REIT), received the nod from the Securities Commission to list its new units on the Main Market of Bursa Malaysia as well as increase its fund size.

In addition, the group also earned the valuation of two retail properties in Kedah - a major portion of Central Square Shopping Centre and the Landmark Central Shopping Centre - valued at RM184 million.

Hektar REIT is keen to increase its fund size from 320,001,000 units to 413,854,773 units, or an increase of 93,858,773 units.

"Our next steps are to meet with our unitholders to obtain their approval for the proposed acquisition and rights issue through an EGM," said Datuk Jaafar Abdul Hamid, Chairman and CEO of Hektar Asset Management.

The acquisition of the two malls will boost the REIT's net lettable area by 52 percent and its gross asset value to RM1 billion.