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KUALA LUMPUR (April 9): Hong Leong Assurance Bhd has emerged as a substantial unitholder of Atrium Real Estate Investment Trust (REIT).
The insurance company yesterday acquired 10.98 million units in Atrium REIT, representing 7.512% of the REIT’s total outstanding units of 146.16 million, an exchange filing showed.
This makes Malaysian tycoon and co-founder of Hong Leong Group Malaysia, Tan Sri Quek Leng Chan, and his Singapore cousin Kwek Leng Beng, as well as other Hong Leong-linked companies or directors, indirect substantial unitholders of Atrium REIT.
Chan Kam Tuck, who is the brother of Atrium REIT's chief executive officer Chan Kum Chong and chief operating officer Chan Kum Cheong, is the REIT's major unitholder with a 24.86% stake as at Feb 14, its annual report shows.
Atrium REIT is an industrial asset-focused trust with total assets under management of RM278 million, as at its financial year ended Dec 31, 2018 (FY18).
Its property portfolio consists of five 100%-occupied industrial properties located in the Klang Valley, namely Atrium Shah Alam 1, Atrium Shah Alam 2, Atrium Shah Alam 3, Atrium Puchong and Atrium USJ.
Units in Atrium REIT settled unchanged yesterday at RM1.13 at market close. Given its distribution per unit of 8.1 sen in FY18, the stock has a distribution yield of about 7.2%. — theedgemarkets.com
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