KUALA LUMPUR (July 1): The Securities Commission Malaysia (SC) has given the green light to Axis Real Estate Investment Trust (Axis-REIT)’s proposed unit split, income distribution reinvestment plan (IDRP) and placement plan.

In a filing to Bursa Malaysia today, Axis REIT said SC had, through its letter dated June 30, 2015, approved the issuance, listing and quotation of units for proposed unit split, income distribution reinvestment plan, management fee and placement plan.

The proposed unit split issuance includes 547.76 million new units involving the subdivision of every one existing unit held by the entitled unitholders into two subdivided units, up to 77.597 million new units for IDRP if the share split is implemented, up to 1.52 million new units to pay the management fee to the manager in the form of new units.

The proposed placement include the issuance of 219.1 million new subdivided units, representing up to 20% of the issued fund size of Axis-REIT after the proposed Unit Split, if the unit split is implemented; or 109.55 million new existing units, if the unit split is not implemented.

According to the statement, the approval of the SC is subject to the following conditions. The manager shall inform the SC of the actual number of units issued, the date of the issuance, the date of listing and quotation of the new units.

The proposed issuance has to be completed within six months from the date of SC’s approval.