BY JOSEPH CHIN
KUALA LUMPUR: KIP Real Estate Investment Trust (KIP REIT) plans to raise at least RM234mil under its proposed listing on the Main Market of Bursa Malaysia Securities.
In its prospectus issued on Friday, it said the initial public offering (IPO) involved 234.15 million units at an indicative retail price of RM1 each.
KIP REIT said that 220.65 million units would be offered to institutional investors and selected investors, including bumiputera investors. The institutional price will be determined via a bookbuilding.
The remaining 13.50 million units would be offered to the public, eligible directors and employees of the manager at the retail price of RM1 per unit payable. This was subject to the clawback and reallocation provision in connection with the listing of and quotation for 505.30 million units.
It said Jan 17 would be the price determination date and listing scheduled for Feb 6.
According to its website, the first KIP Mart complex opened in Masai, Johor in 2002 as a community-centric hybrid retail centre. Following its success and popularity with the local community, another outlet was opened in Tampoi in 2004. This was followed closely by other outlets in Kota Tinggi, Senawang and Melaka.
KIP Mart’s nation-wide footprint includes presence in the Southern region in the state of Johor and Melaka, Central region around the state of Selangor and Negeri Sembilan with plans to add more outlets in central region and move upwards to Northern region in the state of Kedah and East Coast region in the state of Pahang.
KIP Group develops, leases and manages all of its own KIPMart.
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