Quick take: IGB jumps 18% on listing of IGB Commercial REIT

  • Stock on the Move
  • Friday, 22 Nov 2019

KUALA LUMPUR: Shares in IGB Bhd jumped over 18% in early trade Friday on the establishment and listing of its IGB Commercial REIT on the Main Market of Bursa Malaysia Securities.

The property investment company, the top gainer on Bursa Malaysia, jumped 18.89%, or 51 sen to RM3.21 with 320,600 shares done.

IGB is planning to establish and list IGB Commercial REIT on the Main Market of Bursa Malaysia Securities.

This would be the second REIT under IGB in addition to IGB REIT which has Mid Valley Megamall and The Gardens Mall in its portfolio.

The initial investment portfolio of IGB Commercial REIT will comprise Menara IGB, Centrepoint South, Centrepoint North, The Gardens South Tower, The Gardens North Tower, Menara Southpoint (excluding the residential units), Boulevard Offices (Blocks 25 and 27). All of them are located within Mid Valley City in Kuala Lumpur.

Menara Tan & Tan and G Tower on Jalan Tun Razak, Kuala Lumpur, are also part of the portfolio.

Meanwhile, IGB’s third quarter net profit down 2.69% on lower contribution from hotel and commercial property division.

IGB’s net profit fell 2.69% to RM66.46 million for the third quarter ended Sept 30,2019, from RM68.29mil a year ago, due to lower contribution from the property investment for commercial property division and hotel division.

Revenue for the period climbed 3.15% to RM364.36mil from RM353.22mil a year earlier.

For the first nine months of the year, IGB’s net profit rose 3.6% to RM148.76mil from RM143.64mil, with revenue expanding 7.9% to RM1.02bil from RM940.91mil.

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