WCT gets SC’s nod to establish and list Paradigm-REIT on Main Market

PETALING JAYA: The Securities Commission Malaysia has granted its approval to WCT Holdings Bhd for the proposed establishment and listing of Paradigm Real Estate Investment Trust (Paradigm-REIT) on the Main Market of Bursa Malaysia.

In a filing with Bursa Malaysia, WCT said Paradigm-REIT will have an initial fund size of 1.6 million shares.

In September last year, WCT announced it was proposing to dispose of its three malls for RM2.43bil and inject the assets into a proposed REIT, which would be listed on the Main Market.

The company said the three malls are Bukit Tinggi Shopping Centre, Klang; Paradigm Mall, Petaling Jaya, and Paradigm Mall, Johor Baru.

Post-disposal of the three malls, a proposed offering will be undertaken to sell up to 560 million units of shares from the 1.6 million shares held by the group.

“Based on the assumed issue price of RM1 per unit, the proceeds of RM560mil from the proposed offering will provide WCT with additional funds to pare down its borrowings,” it had said.