AmFIRST REAL ESTATE INVESTMENT TRUST (“AmFIRST REIT”)
PROPOSED ACQUISITION BY MAYBAN TRUSTEES BERHAD ("TRUSTEE"), ACTING AS TRUSTEE FOR AND ON BEHALF OF AmFIRST REIT, FROM MEDA DEVELOPMENT SDN BHD (“MEDA” OR “VENDOR”), A WHOLLY-OWNED SUBSIDIARY OF MEDA INC. BERHAD (“MEDA INC.”), OF ALL PROPERTY UNITS OWNED BY THE VENDOR THAT ARE LOCATED WITHIN THE MIXED COMMERCIAL COMPLEX KNOWN AS “THE SUMMIT SUBANG USJ” (“PROPOSED ACQUISITION”)
AMFIRST REAL ESTATE INVESTMENT TRUST
Type
Announcement
Subject
AmFIRST REAL ESTATE INVESTMENT TRUST (“AmFIRST REIT”)
PROPOSED ACQUISITION BY MAYBAN TRUSTEES BERHAD ("TRUSTEE"), ACTING AS TRUSTEE FOR AND ON BEHALF OF AmFIRST REIT, FROM MEDA DEVELOPMENT SDN BHD (“MEDA” OR “VENDOR”), A WHOLLY-OWNED SUBSIDIARY OF MEDA INC. BERHAD (“MEDA INC.”), OF ALL PROPERTY UNITS OWNED BY THE VENDOR THAT ARE LOCATED WITHIN THE MIXED COMMERCIAL COMPLEX KNOWN AS “THE SUMMIT SUBANG USJ” (“PROPOSED ACQUISITION”)
Contents
Reference is made to the announcements dated 1 August 2007, 31 October 2007, 30 November 2007 and 5 December 2007 in relation to the Proposed Acquisition.
On behalf of the Board of Directors of Am ARA REIT Managers Sdn Bhd, the manager of AmFIRST REIT, AmInvestment Bank Berhad (a member of AmInvestment Bank Group) wishes to announce that the Securities Commission (“SC”) has, via its letter dated 19 February 2008 (which was received on 21 February 2008), approved the following:
(i) compliance with clause 11.01(3)(b) of the Guidelines on Real Estate Investment Trusts (“Guidelines") on the valuation of the real estates to be acquired for cash by AmFirst REIT and which exceeds 25% of the value of the fund’s audited total assets; and
(ii) exemption from compliance with clause 10.03(4) of the Guidelines in relation to acquisition of property without majority control,
subject to the following terms and conditions:
(a) the cash acquisition of the following real estates by AmFirst REIT is based on the purchase consideration as stated in Table 1.
(b) the acquisition of the above real estate must be completed within 6 months from the date of the SC’s approval. The approval is deemed to lapse if Am ARA REIT Managers Sdn Bhd fails to do so within the stipulated time frame.
