Amanah Harta Tanah hits limit up on planned privatisation by PNB

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KUALA LUMPUR (Sept 21): Amanah Harta Tanah PNB's (AHP) unit price rose as much as 30 sen or 45.11% to hit limit up during morning trade on Bursa Malaysia today after Permodalan Nasional Bhd (PNB) via its wholly-owned subsidiary Ombak Real Estate Sdn Bhd (ORE) proposed to privatise AHP at RM1 a unit.

At 10.04am, the unit price of AHP, a real estate investment trust (REIT), had pared gains to 94 sen after rising to its highest of 96.5 sen so far today.

At 94 sen, AHP had a market capitalisation of about RM204.6 million.

Based on AHP's 220 million issued units, the offer price of RM1 a unit values AHP at RM220 million.

Last Friday, AHP's manager Pelaburan Hartanah Nasional Bhd said in a filing with Bursa the manager on that day received a letter from ORE requesting it to undertake a selective unit redemption (SUR) for AHP at RM1 a unit.

The SUR aims to convert AHP into an unlisted REIT, where the beneficiaries shall be ORE, PNB and Amanah Saham Bumiputera, according to the manager.

"The board of directors of the manager, save for the interested directors, will deliberate over the proposal and decide on the next course of action," the manager said.

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