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Old May 23rd, 2019, 08:00 PM   #181
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Old July 3rd, 2019, 07:09 PM   #182
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Malton selling 49pc stake in Pavilion Bukit Jalil mall
By Sharen Kaur - June 20, 2019 @ 3:14pm
Quote:
MALTON Bhd is disposing of a 49 per cent stake in Pavilion Bukit Jalil Mall to alleviate its financial burden in completing the Bukit Jalil City integrated lifestyle development.

Pavilion Bukit Jalil, one of the largest regional shopping malls in the country, is part of the 20.23ha development that comprise Signature Shop Offices, The Park Sky Residence and The Park 2.

Malton, whose controlling shareholder is Tan Sri Desmond Lim, is raising money to complete the massive development in the southern part of Kuala Lumpur.

The proposed disposal will allow the group to immediately unlock the potential value and monetise its investment in the mall development.

Malton said the cash proceeds from the stake sale would facilitate the completion of Pavilion Bukit Jalil by March 2021 as estimated by the group.

Upon completion, Pavilion Bukit Jalil, being the crown jewel of Bukit Jalil City, will rejuvenate the area into a vibrant destination for business and entertainment.

Under the fundraising exercise, Lim and Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, will inject fresh capital of RM277.25 million and RM406.7 million respectively through subscription of redeemable preference shares (RPS) in Regal Path Sdn Bhd.

Malton told Bursa Malaysia it had entered into a share sale agreement with Regal Path to sell its 49 per cent stake for RM1.48 billion cash.

The group’s wholly-owned unit, Khuan Choo Realty Sdn Bhd, and Jelang Tegas, a company controlled by Lim, will subscribe for new ordinary shares in Amberstraits, which wholly owns Regal Path. Khuan Choo will own a 51 per cent stake and Jelang Tegas 49 per cent stake in Amberstraits.

Regal Path will then issue RPS to Khuan Choo, Lim and QIA’s wholly-owned unit QPBJ Sdn Bhd to raise RM830 million to fund the development costs.

The company will also issue RCP-B to Khuan Choo (RM215.8 million) and Jelang Tegas (RM207.5 million) in proportion to their respective equity shareholdings in Amberstraits.

Additionally, Regal Path will issue RPS-C to QPBJ for RM14,000 and RPS-D to Khuan Choo for about RM72.6 million, plus RPS-D to Jelang Tegas for RM69.75 million.

With an estimated net lettable area of 1.8 million square feet, Pavilion Bukit Jalil sits on a 11.33ha freehold land.

The regional mall will house five levels of retail space, two levels of basement parking with 4,717 car park bays and a centralised green area measuring about 1.5ha.
https://www.nst.com.my/property/2019...kit-jalil-mall
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Old July 15th, 2019, 08:44 PM   #183
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https://www.nst.com.my/property/2019...ther-expansion
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Old October 21st, 2019, 07:43 AM   #184
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https://www.facebook.com/PavilionBukitJalil/
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Old October 21st, 2019, 07:46 AM   #185
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Old October 29th, 2019, 10:50 AM   #186
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https://www.thestar.com.my/business/...kit-jalil-mall
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