COMPLETION OF THE ACQUISITION OF AXIS STEEL CENTRE (“ACQUISITION”) AND INCORPORATION OF VALUATION SURPLUS ARISING THEREFROM
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement | ||||||||||
| Subject | COMPLETION OF THE ACQUISITION OF AXIS STEEL CENTRE (“ACQUISITION”) AND INCORPORATION OF VALUATION SURPLUS ARISING THEREFROM | ||||||||||
| Contents | We refer to the announcements dated 20 July 2009, 4 August 2009 and 20 August 2009 in relation to the Acquisition. The manager of Axis Real Estate Investment Trust (“Axis-REIT”) (“Manager”) is pleased to announce that the acquisition of Axis Steel Centre, described as a parcel of land held under H.S. (D) 77831, Plot 19, Town of Sultan Sulaiman, District of Klang, State of Selangor, by OSK Trustees Berhad, on behalf of Axis-REIT, has been completed on 20 October 2009 (“Completion”). Pursuant to the Completion, the Manager also wishes to announce, in accordance with Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, that the Board of Directors of the Manager has approved the incorporation of the valuation surplus of RM9,161,110.00 (“Valuation”) into the accounts of Axis-REIT as at 20 October 2009 (please refer to the tabulation below for the valuation details). The Valuation was carried out pursuant to Clause 10.02 of the Guidelines on Real Estates Investment Trusts of Securities Commission (“SC”) for the proposed acquisition of Axis Steel Centre and the approval from the SC on the Valuation is not required. Upon incorporating the valuation surplus of RM9,161,110.00 into the accounts of Axis-REIT as at 20 October 2009, the net asset value of Axis-REIT will increase from RM1.7359 per unit (as at 30 September 2009) to RM1.7700 per unit. The valuation report in relation to the above Valuation is available for inspection at the: (i) registered office of the Manager at Suite 11.1A, Level 11, Menara Weld, 76, Jalan Raja Chulan, 50200 Kuala Lumpur; and (ii) Manager’s office at Suite 6.04 Penthouse, Wisma Academy, 4A Jalan 19/1, 46300 Petaling Jaya, Selangor during normal office hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement. This announcement is dated 20 October 2009. | ||||||||||
* valuation was conducted by PA International Property Consultants (KL) Sdn Bhd, an independent firm of professional valuer, registered with the Board of Valuers, Appraisers & Estate Agents Malaysia | |||||||||||
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 20 Oct 2009 |
| Category | General Announcement |
| Reference No | CCS-091020-1B08F |
