OTHERS
AmFIRST REAL ESTATE INVESTMENT TRUST (“AmFIRST REIT” or THE “FUND”)
(I) PROPOSED AMENDMENT TO THE RELEVANT CLAUSE IN THE DEED DATED 28 SEPTEMBER 2006 AS AMENDED BY THE FIRST SUPPLEMENTED, REVISED AND RESTATED DEED DATED 15 DECEMBER 2006 ENTERED INTO BETWEEN Am ARA REIT MANAGERS SDN BHD (“Am ARA” OR THE “MANAGER”) AND MAYBANK TRUSTEES BERHAD (THE “TRUSTEE”) CONSTITUTING AmFIRST REIT (“FIRST RESTATED DEED”) TO ALLOW THE MANAGER TO BE PAID EITHER IN THE FORM OF NEW UNITS IN AmFIRST REIT, CASH OR A COMBINATION THEREOF FOR ITS BASE FEE AND PERFORMANCE FEE; AND
(II) PROPOSED AMENDMENTS TO CERTAIN CLAUSES IN THE FIRST RESTATED DEED TO BE ALIGNED WITH THE APPLICABLE LAWS, REGULATIONS AND GUIDELINES GOVERNING THE REAL ESTATE INVESTMENT TRUSTS AND TO PROVIDE FOR AMENDMENTS WHICH ARE ADMINISTRATIVE AND/OR TECHNICAL IN NATURE
AMFIRST REAL ESTATE INVESTMENT TRUST
Type
Announcement
Subject
OTHERS
Description
AmFIRST REAL ESTATE INVESTMENT TRUST (“AmFIRST REIT” or THE “FUND”)
(I) PROPOSED AMENDMENT TO THE RELEVANT CLAUSE IN THE DEED DATED 28 SEPTEMBER 2006 AS AMENDED BY THE FIRST SUPPLEMENTED, REVISED AND RESTATED DEED DATED 15 DECEMBER 2006 ENTERED INTO BETWEEN Am ARA REIT MANAGERS SDN BHD (“Am ARA” OR THE “MANAGER”) AND MAYBANK TRUSTEES BERHAD (THE “TRUSTEE”) CONSTITUTING AmFIRST REIT (“FIRST RESTATED DEED”) TO ALLOW THE MANAGER TO BE PAID EITHER IN THE FORM OF NEW UNITS IN AmFIRST REIT, CASH OR A COMBINATION THEREOF FOR ITS BASE FEE AND PERFORMANCE FEE; AND
(II) PROPOSED AMENDMENTS TO CERTAIN CLAUSES IN THE FIRST RESTATED DEED TO BE ALIGNED WITH THE APPLICABLE LAWS, REGULATIONS AND GUIDELINES GOVERNING THE REAL ESTATE INVESTMENT TRUSTS AND TO PROVIDE FOR AMENDMENTS WHICH ARE ADMINISTRATIVE AND/OR TECHNICAL IN NATURE
On behalf of the Board of Directors of Am ARA (“Board”), the manager of AmFIRST REIT, AmInvestment Bank Berhad (“AmInvestment Bank”) wishes to announce that the Manager proposes to undertake the following amendments to the First Restated Deed:
(a) proposed amendment to the relevant clause in the First Restated Deed to allow the Manager to be paid either in the form of new units in AmFIRST REIT (“Unit(s)”), cash or a combination thereof for its base fee and performance fee (“Proposed Amendment to Management Fee Clause”); and
(b) proposed amendments to certain clauses in the First Restated Deed to be aligned with the applicable laws, regulations and guidelines governing the real estate investment trusts (“REITs”) and to provide for amendments which are administrative and/or technical in nature (“Proposed Amendments to Other Clauses”).
In relation to the above, the Manager also proposes to restate the First Restated Deed in its entirety as a new deed governing AmFIRST REIT (“Second Restated Deed”) with effect from the date of registration of the Second Restated Deed with the Securities Commission Malaysia (“SC”).
(The Proposed Amendment to Management Fee Clause and Proposed Amendments to Other Clauses are collectively referred to as the “Proposed Amendments”)
Please refer to the attachment for further details of the announcement.
