AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "THE FUND") - PROPOSED RECLASSIFICATION; - PROPOSED AMENDMENTS; - PROPOSED PLACEMENT; AND - PROPOSED INCREASE IN FUND SIZE (“COLLECTIVELY REFERRED AS “PROPOSALS”)
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "THE FUND") - PROPOSED RECLASSIFICATION; - PROPOSED AMENDMENTS; - PROPOSED PLACEMENT; AND - PROPOSED INCREASE IN FUND SIZE (“COLLECTIVELY REFERRED AS “PROPOSALS”) |
| Contents | We refer to the announcement dated 24 September 2008 in relation to the Proposals. Aseambankers Malaysia Berhad, on behalf of the Board of Directors of Axis REIT Managers Berhad (“Board”), the manager of Axis-REIT, wishes to inform that the proposed reclassification of Axis-REIT from a conventional real estate investment trust (“REIT”) to an Islamic REIT (“Proposed Reclassification”) is pending the conversion of certain existing conventional borrowings of Axis-REIT to Islamic borrowings which is expected to be completed by the end of November 2008. As such, the Proposed Reclassification is expected to be completed only in January 2009. In view of the above, the Board wishes to inform that it intends to delay the issuance of Axis-REIT units pursuant to the proposed placement of up to 120,000,000 new units (“Placement Units”) until after the completion of the Proposed Reclassification in order to diversify its prospective investor base to also include Syariah-based funds. In relation thereto, the Board will be seeking a new general mandate from the unitholders of Axis-REIT pursuant to Section 14.03 of the Securities Commission’s Guidelines on Real Estate Investment Trust for the manager to allot and issue the Placement Units in the financial year ending 31 December 2009, given that the current general mandate will expire on 31 December 2008. This announcement is dated 10 November 2008. |
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 10 Nov 2008 |
| Category | General Announcement |
| Reference No | CU-081110-58311 |
