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Monday, April 30, 2012

AmFIRST REIT's unitholders approve rights issue

KUALA LUMPUR: AmFIRST Real Estate Investment Trust has received its unitholders' approval for the proposed renouncable rights issue and a proposed increase in fund size at its EGM on Monday.

"The rights proposal will enable AmFIRST REIT to have a stronger balance sheet to grow its assets under management, increase its market capitalisation and enhance the liquidity of AmFIRST REIT's units," its CEO Lim Yoon Peng said.

To date, AmFIRST REIT owns eight commercial properties worth RM1.189bil. The REIT is managed by its managers Am ARA REIT Managers Sdn Bhd which is 70% owned by AmInvestment Group Bhd and 30% owned by ARA Asset Management (M'sia) Ltd.

AmFIRST REIT recorded an after-tax realised profit of RM39.9mil for the financial year ended March 31, 2012 which is an increase of 10% from RM36mil in the previous year.

By The Star

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