OTHERS Revaluation of Property pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trusts (“REIT Guidelines”) issued by the Securities Commission (“SC”)
AXIS REAL ESTATE INVESTMENT TRUST |
Type | Announcement | ||||||||||||||||||
Subject | OTHERS | ||||||||||||||||||
Description | Revaluation of Property pursuant to Clause 10.03 of the Guidelines on Real Estate Investment Trusts (“REIT Guidelines”) issued by the Securities Commission (“SC”) | ||||||||||||||||||
1. Introduction The Board of Directors of Axis REIT Managers Berhad (“the Board” or “Manager”), the manager of Axis Real Estate Investment Trust (“Axis-REIT”) wishes to announce that OSK Trustees Berhad, the trustee of Axis-REIT, has carried out the revaluation on a property of Axis-REIT, namely Axis Steel Centre (“Property”) pursuant to Clause 10.03 of the SC’s REIT Guidelines (“Revaluation”). The Board is pleased to announce that the revaluation surplus arising from the Revaluation shall be incorporated into the accounts of Axis-REIT as at 31 March 2012. 2. Purpose of Revaluation The Revaluation was to comply with Clause 10.03 of the SC’s REIT Guidelines where the Property was required to be revalued once in every three (3) years. The Revaluation was not subject to SC’s approval. 3. Revaluation Surplus/Deficit The details of the revaluation surplus are set out in the tabulation below:
Notes: The Property was valued by Rahim & Co Chartered Surveyors Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia. 4. Effects on the Net Asset Value The net asset value of Axis-REIT will increase from RM2.0804 per unit (last reported to Bursa Malaysia Securities Berhad on 30 December 2011) to RM2.0811 per unit upon incorporation of the revaluation surplus of RM300,000.00. 5. Documents Available For Inspection The valuation reports in relation to the Revaluation are available for inspection at the:
5.2 Manager’s office at Suite 6.04 Penthouse, Wisma Academy, 4A Jalan 19/1, 46300 Petaling Jaya, Selangor. This announcement is dated 16 April 2012. |
Announcement Info
Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
Stock Name | AXREIT |
Date Announced | 16 Apr 2012 |
Category | General Announcement |
Reference No | CC-120416-290A2 |