English

30.11.2018

MSWG’S WATCHLIST

KIP REAL ESTATE INVESTMENT TRUST ("KIP REIT")

PROPOSED ACQUISITION OF A FOUR-STOREY BUILDING KNOWN AS AEON MALL KINTA CITY SHOPPING CENTRE FOR A CASH PURCHASE CONSIDERATION OF RM208,000,000 (“PROPOSED ACQUISITION”)

Reference is made to the announcement on 28 August 2018 in relation to the Proposed Acquisition (“Prior Announcement”). Unless otherwise stated, the defined terms used herein shall have the same meanings as given to them in the Prior Announcement.

CIMB Investment Bank Berhad, on behalf of the Board of Directors (“Board”) of KIP REIT Management Sdn Bhd ("Manager"), wishes to announce that Pacific Trustees Berhad (as trustee of KIP REIT) (“Purchaser”) had on 30 November 2018 entered into a conditional sale and purchase agreement (“SPA”) with Kinta City Sdn Bhd (“Vendor”), for the Proposed Acquisition involving a freehold land held under No. Geran 72619, Lot 320549, Mukim Hulu Kinta, Daerah Kinta, Negeri Perak, measuring approximately 60,230 square meters in area (“Land”) together with a four-storey building known as Aeon Mall Kinta City Shopping Centre (“Building”) and facilities constructed thereon, and having an address at 2, Jalan Teh Lean Swee, Taman Ipoh Selatan, 31400 Ipoh, Perak and all fixtures, fittings, plants, machinery and equipment attached thereto and/or installed therein that are owned by the Vendor (excluding any fixtures, fittings, machinery and equipment owned by Aeon Co. (M) Bhd (“Lessee”) in the said Building and facilities, and including but not limited to, furniture, cabinets, air conditioning equipment, light fixtures, CCTV and security equipment, improvements, and such other items and materials used in and/or for the property), (collectively the “Property”) at a cash purchase consideration of RM208,000,000 ("Purchase Consideration").

05.11.2048

MESSAGE FROM THE CEO

BUDGET 2019

Another Exchange in the Making

Embedded in the Finance Minister’s delivery of the Budget last Friday is a peer-to-peer (P2P) home financing exchange platform to facilitate home ownership in Malaysia. This is expected to be a private sector-driven “Property Crowdfunding” platform. The SC will regulate these exchange platforms under the peer-to-peer (P2P) financing framework.

The Edge Media Group’s subsidiary, Edge Prop Sdn Bhd, has taken the initiative to launch a property portal called Fund-MyHome.com.

For the time being, it is envisaged that only institutional investors will participate in the exchange platform. Eventually, members of the public can also participate as individual investors, subject to the approval of the SC.

No Capital Gains Tax on Share Dealings

Shareholders can give a sigh of relief as there is no capital gains tax on share dealings. We had commented earlier that such a move would dampen an already damp stock exchange.