Malaysia’s Islamic REIT, Al-Salam, Goes for Private Placement to Raise Funds

Al-Salam Real Estate Investment Trust (REIT) plans to raise MYR 92.8 million through a proposed private placement, with AmInvestment Bank appointed as the Principal Adviser and Placement Agent for the transaction.

Al-Salam REIT, which is managed by Damansara REIT Managers, will utilise the funds to pay off its bank borrowings and to finance capital expenditure investments as well as working capital requirements.

The Chief Executive Officer of Damansara REIT Managers, Wan Azman Ismail, stated that with the repayment of borrowings worth MYR 64.96 million, Al-Salam REIT’s financing to total assets ratio is expected come down to 0.43 times from 0.48 times. In addition, the recently...