KLCC Property jumps on REIT plan
KUALA LUMPUR, June 28 – Shares of Malaysia’s KLCC Property Holdings Bhd jumped as much as 13.2 per cent today after it said it plans to look into setting up a real estate investment trust (REIT).
The property development firm, whose subsidiaries and associate company own the Petronas Twin Towers in the Malaysian capital, ended the day 11.66 per cent higher at RM4.31 per share, outperforming the Malaysia benchmark stock index’s 0.48 per cent drop.
KLCC Property announced today that its board has given the green light to its management to explore a corporate structure including an appropriate REIT or equivalent.
“It is expected that any proposals arising from this exercise will be subject to the approvals of relevant authorities, the board of KLCC Property, and shareholders,” it said in a local stock exchange filing. – Reuters