Thursday 28 Mar 2024
By
main news image

PUTRAJAYA (Apr 28): Johor state investment arm Johor Corp is expected to list its estimated RM900 million Islamic real estate investment trust (REIT) Al-Salam on Bursa Malaysia's Main Market in the third quarter of this year.

Johor Corp president cum chief executive Datuk Kamaruzzaman Abu Kassim said the REIT would acquire 31 assets from Damansara Assets Sdn Bhd and QSR Brands (M) Holdings Sdn Bhd as the REIT's initial portfolio.

Assets to be acquired from DASB include Menara KOMTAR, Komunity@Mart hypermarket, KFCH International College and KOMTAR JBCC which is a retail mall in Johor Bahru, according to Kamaruzzaman. Assets from QSR include the KFC and Pizza Hut chain of restaurants nationwide and selected industrial assets.

"The establishment of Al-Salam REIT is another commitment by JCorp in playing its part in the world of Islamic REIT and Islamic Capital Market. JCorp believes that Islamic REITs have the potential to be the preferred investment instrument among investors in the capital market," Kamaruzzaman said.

He was speaking to reporters at the memorandum of understanding signing ceremony between Johor Corp and Amanahraya Trustees Bhd for Al-Salam here today.

AmanahRaya will be Al-Salam's trustee while Damansara REIT Managers Sdn Bhd will be the REIT's manager.

Johor Corp is already the controlling shareholder with a 52.88% stake in Shariah-compliant Al-'Aqar Healthcare REIT.

Other major shareholders of Al-'Aqar (fundamental: 0.9; valuation: 0.5) include Lembaga Tabung Haji and Employees Provident Fund with 10.84% and 5.75% respectively.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

      Print
      Text Size
      Share