At the launching of its prospectus Monday, June 28, CMMT said its market capitalisation was expected to be about RM1.4 billion, adding that its portfolio has been valued at RM2.13 billion in the valuation conducted by its trustee, AmTrustee Bhd.
The Trust said its initial portfolio comprises three shopping malls namely Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor. The portfolios have a net lettable area of about 1.88 million sq ft.
Under its initial public offering (IPO), CMMT is offering 786.522 million units to institutional investors in Malaysia and overseas and to the retail investors in Malaysia only.
The retail offering in Malaysia consist of 67.5 million units made available through application by the Malaysian public, eligible directors and employees at the retail price pursuant to the retail offering. The final price according to CMMT would be the lower of the retail offer price of RM1.08 per unit or the institutional price less a discount of 2 sen.
CMMT noted that the institutional price would be determined by way of book building. At an indicative price of RM1.08, the retail offer would provide a distributional yield of 6.9% to the prospective investor based on its distribution per unit (DBU) of 7.45 sen for the forecast year 2011.
The Employees Provident Fund Board (EPF) and Great Eastern Life Assurance (M) Bhd have signed up cornerstone investors for the IPO to subscribe 90 million units or 11.4% of the total 786.522 million units offered to investors. They have agreed to pay RM1.10 per unit or the institutional price, whichever is lower.
By The EDGE Malaysia
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