PETALING JAYA: AME Elite Consortium Bhd has secured its shareholders’ approval for the proposed listing of its real estate investment trust (REIT) on the Main Market of Bursa Malaysia.

       In a statement, the leading integrated industrial space solutions provider said the listing of AME-REIT, to be completed by the third quarter of 2022, could potentially raise RM254.8mil based on an illustrative offer price of RM1 per unit.

       Of the illustrative proceeds to be raised, RM105mil will be used to repay borrowings, RM4.5mil for expenses relating to establishing the REIT, and the balance of RM145.3mil for future industrial property development and investment projects including land acquisitions and joint ventures.

       “With our shareholders’ approval, we are now a step closer to finalising the listing of AME-REIT in the second half of 2022, which will unlock the value of our industrial and industrial-related assets,” AME group managing director Kelvin Lee said.

       “AME-REIT will be the main vehicle representing the property investment activity for the group upon its debut. We will benefit from a symbiotic relationship as AME is able to undertake future development projects with optimised capital efficiency, while AME- REIT will stand to secure a strong portfolio of industrial and industrial-related properties.” he added.