The group said the initial portfolio of the REIT will comprise retail properties currently owned by its subsidiaries or joint-venture companies.
PETALING JAYA: WCT Holdings Bhd
has proposed to establish and list a real estate investment trust (REIT) on the Main Market of Bursa Malaysia.
In a filing with Bursa Malaysia, the group said the initial portfolio of the REIT will comprise retail properties currently owned by its subsidiaries or joint-venture companies, which have yet to be identified.
It said the exercise will allow the group to unlock the value of its investments in these properties.
“The proceeds to be raised pursuant to the proposed REIT establishment and listing will provide the group with the necessary funds mainly to pare down WCT’s borrowings and capitalise on strategic opportunities as and when they arise,” it added.
Following the completion of the establishment and proposed disposal of the properties’ entire interest to the REIT, WCT will propose an initial public offering of units and admission of the REIT to officially list on the Main Market as well as the listing of quotations for the units.
