The Board of Directors of the REIT MANAGERS wishes to announce that on 5 January 2018, ARA Asset Management (Malaysia) Limited (“ARA”), being the 30% shareholder of REIT HOLDINGS,  has entered into a Share Sale Agreement with Amcorp Properties Berhad (“AMPROP”) for the disposal of its entire 30% shareholding in REIT HOLDINGS to AMPROP. The disposal was completed on the even date and ARA ceased to be a shareholder of REIT HOLDINGS.

AMPROP is a 71% owned subsidiary of Amcorp Group Berhad (“AMCORP”), which is also a substantial shareholder of AMMB Holdings Berhad, the ultimate holding company of the REIT MANAGERS.  For information, Mr Soo Kim Wai, the Chairman of REIT MANAGERS, is a Board member of AMPROP and AMCORP.

AmPROP is a company incorporated in Malaysia and has been listed on the Main Market of Bursa Malaysia since 1972. The Group is principally involved in property development, investment and management, renewable energy and contracting businesses. Its property portfolio includes projects in Malaysia and key global cities such as London, Tokyo, Madrid and Hong Kong.

Arising from the cessation of ARA as a shareholder of REIT HOLDINGS, REIT MANAGERS has also on the even date entered into a termination agreement with ARA for the termination of the Services Agreement entered into between REIT MANAGERS and ARA on 29 September 2006 for the provision of certain services by ARA in relation to the business of AmFIRST REIT.