AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "THE FUND") - PROPOSED PLACEMENT; - PROPOSED INCREASE IN FUND SIZE; - PROPOSED RECLASSIFICATION; AND - PROPOSED AMENDMENT. (“COLLECTIVELY REFERRED AS “PROPOSALS”)
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "THE FUND") - PROPOSED PLACEMENT; - PROPOSED INCREASE IN FUND SIZE; - PROPOSED RECLASSIFICATION; AND - PROPOSED AMENDMENT. (“COLLECTIVELY REFERRED AS “PROPOSALS”) |
| Contents | We refer to the announcement dated 10 November 2008 in relation to the Proposals. Aseambankers Malaysia Berhad (“Aseambankers”), on behalf of the Board of Directors of Axis REIT Managers Berhad (“Board”), the manager of Axis-REIT (“Manager”), wishes to inform that in line with its intention to reclassify Axis-REIT from a conventional real estate investment trust (“REIT”) to an Islamic REIT, the Manager has successfully converted a total financing facilities of RM220 million into Islamic financing facilities (save for a RM32 million revolving credit facility which will be fully converted into Islamic financing by 8 July 2009). The new Islamic financing facilities carry the same terms and conditions with the previous conventional financing facilities. The Manager has also replaced Axis-REIT’s conventional current accounts with Islamic current accounts. Following the aforesaid, amongst others, the Shariah Adviser of Axis-REIT namely Islamic Banking and Finance Institute Malaysia Sdn. Bhd. had vide its letter dated as at 25 November 2008, opined that Axis-REIT can now be reclassified as an Islamic REIT and its operation is within the scope of the Guidelines on Islamic Real Estate Investment Trusts issued by the Securities Commission. This announcement is dated 28 November 2008. |
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 28 Nov 2008 |
| Category | General Announcement |
| Reference No | CU-081128-60792 |
