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Mar 11
2010
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Extract from The Edge (10/03/2010)
KUALA LUMPUR: Kulim (M) Bhd is disposing of Menara Ansar in Johor Bahru to Al-‘Aqar KPJ Real Investment Trust for RM105 million, to be satisfied by RM63 million cash and 42.9 million new trust units priced at 98 sen apiece.
“The group has opted to dispose of its investment in Menara Ansar as it would allow us to unlock the value of our non-core asset as well as realise our investment in the property,” said Kulim managing director Ahamad Mohamad.
The net book value of the property as at Dec 31, 2008 was RM90 million.
Ahamad said the resulting cash inflow of RM63 million would be used to repay borrowings that currently stood at RM1.7 billion and lower the company’s gearing to 0.32 times from 0.33 times.
KUALA LUMPUR: Kulim (M) Bhd is disposing of Menara Ansar in Johor Bahru to Al-‘Aqar KPJ Real Investment Trust for RM105 million, to be satisfied by RM63 million cash and 42.9 million new trust units priced at 98 sen apiece.
“The group has opted to dispose of its investment in Menara Ansar as it would allow us to unlock the value of our non-core asset as well as realise our investment in the property,” said Kulim managing director Ahamad Mohamad.
The net book value of the property as at Dec 31, 2008 was RM90 million.
Ahamad said the resulting cash inflow of RM63 million would be used to repay borrowings that currently stood at RM1.7 billion and lower the company’s gearing to 0.32 times from 0.33 times.
Menara Ansar is a 21-storey office building with an occupancy rate of 92%.
The transaction is scheduled to be completed by the third quarter of 2010.
In a separate announcement, Al-‘Aqar said that it was acquiring an additional five buildings from other Johor Corporation subsidiaries for a total of RM197.91 million to be satisfied by a mix of cash and new units.
According to the latest annual reports, Johor Corp holds a direct stake of 53.19% in Kulim and 50.3% in KPJ Healthcare Bhd.
The properties are Bandar Baru Klang Specialist building, Kluang Utama Specialist Hospital building and Rumah Sakit Bumi Serpong Damai building, which are all under the umbrella of KPJ Healthcare.
The additional two buildings, Rumah Sakit Medika Permata Hijau building and the Selesa Beach Resort Port Dickson, are under subsidiaries of Johor Corp.
The five properties had a total unaudited net book value of RM118.97 million as at Dec 31, 2009.
“The proposed acquisitions will be funded by a combination of funds to be raised from new Islamic financing of approximately RM193.9 million and the issuance of the units. The latter will increase Al-‘Aqar’s capital base and hence improve its gearing levels for more optimal capital structure,” said Al-‘Aqar.
Al-‘Aqar has an existing fund size of 518.37 million units with current assets totalling RM49.81 million and a real estate portfolio totalling some RM961.5 million.
Source
http://www.theedgemalaysia.com/in-the-financial-daily/161220-kulim-sells-menara-ansar-for-rm105m.html
The transaction is scheduled to be completed by the third quarter of 2010.
In a separate announcement, Al-‘Aqar said that it was acquiring an additional five buildings from other Johor Corporation subsidiaries for a total of RM197.91 million to be satisfied by a mix of cash and new units.
According to the latest annual reports, Johor Corp holds a direct stake of 53.19% in Kulim and 50.3% in KPJ Healthcare Bhd.
The properties are Bandar Baru Klang Specialist building, Kluang Utama Specialist Hospital building and Rumah Sakit Bumi Serpong Damai building, which are all under the umbrella of KPJ Healthcare.
The additional two buildings, Rumah Sakit Medika Permata Hijau building and the Selesa Beach Resort Port Dickson, are under subsidiaries of Johor Corp.
The five properties had a total unaudited net book value of RM118.97 million as at Dec 31, 2009.
“The proposed acquisitions will be funded by a combination of funds to be raised from new Islamic financing of approximately RM193.9 million and the issuance of the units. The latter will increase Al-‘Aqar’s capital base and hence improve its gearing levels for more optimal capital structure,” said Al-‘Aqar.
Al-‘Aqar has an existing fund size of 518.37 million units with current assets totalling RM49.81 million and a real estate portfolio totalling some RM961.5 million.
Source
http://www.theedgemalaysia.com/in-the-financial-daily/161220-kulim-sells-menara-ansar-for-rm105m.html
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