KUALA LUMPUR: IGB Corp Bhd retail real estate investment trust (REIT) aims to raise up to RM700mil from a planned September listing, according to a source, banking on its flagship shopping malls to draw in investors in volatile market conditions.
The initial public offering (IPO) of IGB’s retail REIT will be the fourth largest in the country this year after the planned listings of Felda Global Venture Holdings Bhd, Integrated Healthcare Holdings Bhd and Gas Malaysia Bhd.
“The listing will raise about RM600mil to RM700mil,” the source, who had direct knowledge of the deal, told Reuters.
The source, who did not want to be identified as the details of IPO are not public yet, said the book-building process would start in August or September.
The source added that prime assets such as Mid Valley Megamall and The Gardens Mall would be part of the retail REIT.
The investment arm of Malaysia’s No. 2 lender CIMB Group Holdings Bhd is the lead banker for the deal.
By Reuters
Friday, March 23, 2012
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