Announcement Details :
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.
(Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the announcement dated 12 November 2010).
We refer to the announcements dated 12 November 2010, 15 November 2010 and 7 January 2011 respectively in relation to the Proposals.
On behalf of the Board of Directors of CapitaMalls Malaysia REIT Management Sdn. Bhd. (formerly known as CapitaRetail Malaysia REIT Management Sdn. Bhd.), (“the Board”), which is the manager of CMMT, CIMB Investment Bank Berhad (“CIMB”) is pleased to announce that the Securities Commission (“SC”) has, through its letter dated 14 January 2011, approved the Proposed Placement and the Proposed Increase in Fund Size, subject to the following conditions.
1. In relation to the Proposed Placement:
(i) the placees are not related parties (save for CMMT Investment Limited) of the Manager whether in their own names or through nominees;
(ii) the number of Units to be placed to a placee is capped at not more than 10% of the Units to be issued; and
(iii) the 10% limit can be increased, subject to the following:
a) unitholders’ approval is required via a resolution in a general meeting;
b) the placees are limited to institutional investors representing the public; and
c) SC’s specific approval is required for the increased allocation exceeding 10%.
(iv) The Manager and its adviser are required to inform the SC prior to the listing of the Units:
a) the actual number of Units;
b) the date of issuance of the Units; and
c) the date of listing of, and the quotation for, the Units on the Main Market of Bursa Securities; and
(v) The issuance of the Units and the listing of the Units on the Main Market of Bursa Securities must be completed within 6 months from the date of the SC’s approval. The approval is deemed to lapse if the Manager fails to do so within the stipulated time frame.
2. In relation to the units reserved for issuance to the Manager as payment of the Manager’s management fees in units (“Payment of Management Fees”), announcement to unitholders must be made on the 180,000,000 new units that will be reserved for issuance to the Manager as management fees.
3. In relation to the Payment of Management Fees and the Proposed Authority, the SC notes that an application will be made to the SC to seek approval for the listing of, and quotation for up to 482.9 million new units prior to its issuance.
CIMB is pleased to announce that exemption from Clause 14.04 (a)(i), (ii) and (iii) of the Real Estate Investment Trusts (“REITs”) Guidelines is approved as follows:
(i) the placement of up to 167,100,000 Units will be by way of bookbuilding and are not intended to be placed out to any interested persons of the Manager, save for CMMT Investment Limited;
(ii) Placement Units to CMMT Investment Limited are subject to unitholders’ approval; and
(iii) the issue price of the abovementioned Units to CMMT Investment Limited will be fixed at the same issue price of the Units offered to the other placees determined upon the close of the bookbuilding process.
CIMB is also pleased to announce that CMMT has obtained the approval from the SC on the valuation of of Gurney Plaza Extension Property for RM215,000,000 through its letter dated 14 January 2011.
The Board is currently deliberating on the above conditions.
The unitholders’ approval will be sought for the Proposals.
This announcement is dated 17 January 2011.