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Friday, December 17, 2010

Al-'Aqar KPJ REIT gets shareholders nod

Al-'Aqar KPJ REIT, the first and largest Islamic Healthcare REIT in Malaysia, has got the nod from its shareholders for proposed acquisitions at its Extraordinary General Meeting (EGM) today.

Al-'Aqar KPJ REIT has proposed to acquire the entire interest in Bandar Baru Klang Specialist Hospital Building in Klang, Kluang Utama Specialist Hospital Building, Kluang, Johor and Rumah Sakit Bumi Serpong Damai Building in Jakarta, Indonesia, from the subsidiaries of KPJ Healthcare Bhd.

This is in addition to the Rumah Sakit Medika Permata Hijau Building in Jakarta, Indonesia, from PT Khidmat Perawatan Jasa Medika, a subsidiary of Johor Corporation.

In a statement here today, the company said it has proposed to acquire the above properties for a total cash consideration of RM159.910 million to be satisfied partly by RM104.402 million cash and partly by the issuance of 56,641,000 new units in Al-'Aqar KPJ REIT at an issue price of RM0.98 per unit.

Al-'Aqar KPJ REIT will seek listing of and quotation for its consideration units of 56,641,000 on the Main Board of Bursa Securities.

It said this will bring the total enlarged unit capital of the Al-'Aqar KPJ REIT after the proposed acquisitions to 636,808,000 units and also from the existing 18 hospital to 22 hospital buildings, one nursing college and also the Selesa Hotel and Metropolis Tower.

It also brings the total number of properties to 24 - 22 in Malaysia and two in Jakarta. The proposed acquisition is expected to be accretive to Al-'Aqar KPJ REIT''s distributable income going forward.

Upon completion of the proposed acquisitions, the enlarged total asset value will be approximately more than RM1.2 billion.

By Bernama

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