AME REIT inks 34 SPAs to acquire properties from various AME Elite's units

AME REIT inks 34 SPAs to acquire properties from various AME Elite's units
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KUALA LUMPUR (July 19): AME Elite Consortium Bhd said AME Real Estate Investment Trust (REIT) has entered into 34 sale and purchase agreements (SPAs) to acquire various properties from the industrial space solutions provider's subsidiaries, to pave the way for AME REIT's listing on the Main Market of Bursa Malaysia. 

AME Elite secured shareholders’ approval for the proposed listing of AME REIT (trustee) in May this year. 

In a filing with Bursa Malaysia on Tuesday (July 19), AME Elite said the subsidiaries (vendors) are — Active Gold Services Sdn Bhd, AME Development Sdn Bhd, Ipark Development Sdn Bhd, LKL Industries Sdn Bhd and Twin Sunrich Sdn Bhd, with disposals totaling RM557 million. 

It said the total consideration for the properties will be satisfied by the trustee via the issuance and allotment of 520 million units to be credited into designated central depository system accounts on or before the completion date of the SPAs. 

The remaining of RM37 million in cash will be paid to the vendors and/or such persons notified by the vendors, in their respective proportions.