Sunway REIT falls below reference price

Sunway Real Estate Investment Trust (Sunway REIT) fell on its Malaysian market debut after raising about RM1.5 billion in Southeast Asia’s biggest initial public offering this year.

Sunway REIT’s units were trading at 89 sen each at 9.14 am local time, below its opening reference price of 90 sen.

Meanwhile, Jeffery Cheah, chairman of its parent company Sunway Holdings Bhd said the REIT aims to double its asset size in five to seven years.

“The whole purpose is to grow it,” Cheah told reporters in Kuala Lumpur today.

By Bloomberg