BURSA ANNOUNCEMENTS


 

Date : 23 September 2005

Condition imposed by the Board of Valuers, Appraisers & Estate Agents (the "Board of VAEA") on the shareholding structure of Axis Management Sdn Bhd ("Axis Management"), being the property management company of Axis Real Estate Investment Trust ("Axis-REIT")

AXIS REAL ESTATE INVESTMENT TRUST

Type

Announcement
SubjectCondition imposed by the Board of Valuers, Appraisers & Estate Agents (the "Board of VAEA") on the shareholding structure of Axis Management Sdn Bhd ("Axis Management"), being the property management company of Axis Real Estate Investment Trust ("Axis-REIT")

Contents :

Reference is made to the Prospectus of Axis-REIT dated 30 June 2005 in relation to the public offering of units in Axis-REIT and the letter from the Board of VAEA dated 27 June 2005 wherein the Board of VAEA has granted Axis Management a 3 months grace period from 27 June 2005 to restructure the company’s shareholding to comply with Section 23 of the Valuers, Appraisers and Estate Agents Act 1981 and its rules ("VAEA Act").


On behalf of Axis-REIT, Axis REIT Managers Berhad wishes to announce that Axis Development Sdn Bhd, being the holding company of Axis Management has on 22 September 2005 disposed its entire shareholdings in Axis Management to the following parties:

Name
Number of shares
%
Khor Siew Suan
50,000
50
Lin Eng Lee
50,000
50
Khor Siew Suan is a registered valuer with the Board of VAEA and has been issued with an authority to practice under Section 16 of the VAEA Act and will be joining Axis Management as joint Executive Director on the 1st November 2005. Lin Eng Lee is the Executive Director of Axis Management who has been granted a special authority by the Board of VAEA under Section 22 of the VAEA Act to act as a property manager of Axis-REIT.

Following the aforesaid, Axis Management has ceased to be a subsidiary of Axis Development Sdn Bhd.

This announcement is dated 23 September 2005.



Announcement Info

Company NameAXIS REAL ESTATE INVESTMENT TRUST  
Stock Name AXREIT    
Date Announced23 Sept 2005  
CategoryGeneral Announcement
Reference NoCC-050923-45349

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