PETALING JAYA: The Securities Commission (SC) has granted approval to WCT Holdings Bhd
for the proposed establishment and listing of Paradigm Real Estate Investment Trust (Paradigm-REIT) on the Main Market of Bursa Malaysia.
In a filing with Bursa Malaysia, WCT said Paradigm-REIT will have an initial fund size of 1.6 billion shares.
In September last year, WCT announced its proposal to dispose of three malls for RM2.43bil and inject the assets into the proposed REIT, which would be listed on the Main Market.
The company said the three malls are Bukit Tinggi Shopping Centre in Klang, Paradigm Mall in Petaling Jaya, and Paradigm Mall in Johor Baru.
After the disposal of the three malls, a proposed offering will be undertaken to sell up to 560 million units of shares from the 1.6 million shares held by the group.
“Based on the assumed issue price of RM1 per unit, the proceeds of RM560mil from the proposed offering will provide WCT with additional funds to pare down its borrowings,” the company said in the Bursa filing.
WCT shares fell 8.61% to end at 69 sen yesterday.
