PROPERTY NEWS: 34 SPAs are signed by AME REIT to purchase properties from various AME Elite units

Key takeaway:

In order to prepare for AME Real Estate Investment Trust's (REIT) listing on the Main Market of Bursa Malaysia, AME Elite Consortium Bhd reported that AME REIT has signed 34 sale and purchase agreements (SPAs) to purchase various properties from the industrial space solutions provider's subsidiaries.

In May of this year, AME Elite obtained shareholder approval for the proposed listing of AME REIT (trustee). The subsidiaries (vendors) are Active Gold Services Sdn Bhd, AME Development Sdn Bhd, Ipark Development Sdn Bhd, LKL Industries Sdn Bhd, and Twin Sunrich Sdn Bhd, with disposals totaling RM557 million, according to AME Elite in a filing with Bursa Malaysia on Tuesday, July 19.

It stated that the trustee will issue and allocate 520 million units to be credited into designated central depository system accounts on or before the completion date of the SPAs in order to satisfy the total consideration for the properties.

The remaining RM37 million in cash will be distributed in accordance with their respective proportions to the vendors and/or those individuals whom the vendors have notified.

©️ July, 2022, EdgeProp.my