Amanah Harta Tanah PNB to buy Mydin property for RM240mil

KUALA LUMPUR: Amanah Harta Tanah PNB (AHP) is buying 5.35ha of commercial land including a three-storey mall cum hypermarket in Negri Sembilan from Mydin Mohamed Holdings Bhd for RM240mil.

In a filing to Bursa Malaysia, AHP said the proposed acquisition would enhance its acquisition strategy to provide a reasonable level of income return to unitholders and allowed it to gain from capital growth.

The real estate investment trust company said it would apply for bank loan amounting to RM125mil to purchase the asset and another RM115mil would be raised from its proposed right issue.

The proposed rights issue involves the issuance of 120 million rights units on the basis of six rights units for every five existing units in AHP.

“The issue price of the rights units will be fixed at a later date,” it said, adding that the listing and quotation of the rights units would be completed in the third quarter of this year. - Bernama