Axis REIT to place out shares to EPF, KWAP

PETALING JAYA: Axis Real Estate Investment Trust (Axis REIT) proposes a unit placement to the Employees Provident Fund (EPF) and Retirement Fund Incorporated (KWAP) to raise up to RM63.84 million.

The group told Bursa Malaysia that the placement involves the issuance of 37.12 million new shares representing up to 3% of its total issued units at an issue price of RM1.72 per unit.

This is part of its private placement exercise involving the issuance of 247.46 million new shares representing up to 20% of its total issued units to raise over RM400 million.

Currently EPF and KWAP hold 14.46% and 11.97% stake in Axis REIT.

Axis REIT is seeking the approval of the non-interested unit holders for the placement.

The RM63.14 million of proceeds raised from the placement will be utilised towards the repayment of bank financing, while the remaining RM702,000 will be used to defray the estimated expenses related to the placement.

Barring any unforeseen circumstances and subject to all approvals being obtained, the proposed placement to EPF and KWAP is expected to be completed by the end of 2019.

source https://www.thesundaily.my/business/axis-reit-to-place-out-shares-to-epf-kwap-NC1576593