AmFIRST REIT’s Fifth Annual General Meeting

Am ARA REIT Managers Sdn Bhd (“Am ARA”), the Manager of AmFIRST Real Estate Investment Trust (“AmFIRST REIT” or the “Trust”) is pleased to announce that all resolutions put forward to Unitholders at AmFIRST REIT’s Fifth Annual General Meeting (“Fifth AGM”) which was held today at Berjaya Times Square Hotel Kuala Lumpur, have received the Unitholders’ approval. A summary of the resolutions is as follows:-
 
Ordinary Resolution No. 1
Proposed authority to allot and issue new units of up to 20% of existing fund size, pursuant to clause 14.03 of the Securities Commission Malaysia’s Guidelines on Real Estate Investment Trusts (“REITs Guidelines”).
 
Ordinary Resolution No. 2
Proposed increase in the existing approved fund size of AmFIRST REIT from 686,401,600 units up to a maximum of 823,681,920 units in AmFIRST REIT, subject to the passing of Ordinary Resolution No. 1 and the approvals being obtained from the relevant authorities.
 

At the Fifth AGM, AmFIRST REIT’s Audited Financial Statements for the financial year ended 31 March 2017 were presented for deliberation and discussion and were received.

For the financial year ended 31 March 2017, AmFIRST REIT recorded gross revenue and net property income of RM111.5 million and RM72.8 million, which rose 11.8% and 19.2% year-on-year respectively. The increase were mainly attributed to the full year rental contribution from Mydin HyperMall, higher occupancy and rental reversion in Menara AmBank and improved revenue from The Summit Retail Mall after the completion of the refurbishment in December 2016. However, the abovementioned additional revenue has been partially offset by lower rental income from Prima 10, The Summit Office and Menara AmFIRST as a result of lower occupancies.

Excluding the one-off disposal gain of AmBank Group Leadership Centre of RM12.2 million in the preceding financial year, realised profit for the year increased by 6.7% to RM27.9 million year-on-year.

AmFIRST REIT has declared a total income distribution per unit of 4.06 sen for the financial year ended 31 March 2017, represents approximately 100% of the realised distributable net profit generated during the financial year.

 

About AmFIRST REIT
Listed on 21 December 2006, AmFIRST REIT is currently one of the larger commercial space REITs in Malaysia with nine (9) properties worth RM1.66 billion under its portfolio, namely Bangunan AmBank Group, Menara AmBank, Menara AmFIRST, Wisma AmFIRST, The Summit Subang USJ, Prima 9, Prima 10, Jaya 99 and Mydin HyperMall, Bukit Mertajam. It aims to invest in income-producing real estate which primarily is used for commercial retail and/or office purposes. AmFIRST REIT is managed by Am ARA.

About Am ARA
Am ARA was incorporated in Malaysia on 20 April 2006 and is wholly-owned by Am ARA REIT Holdings Sdn Bhd. Am ARA REIT Holdings Sdn Bhd is 70% owned by AmInvestment Group Berhad (“AIGB”) and 30% owned by ARA Asset Management (Malaysia) Limited (“ARA”). AIGB is a wholly-owned subsidiary of AMMB Holdings Berhad while ARA is a wholly owned subsidiary of Singapore-based ARA AmFIRST (Singapore) Pte Ltd, which in turn is a wholly owned subsidiary of ARA Asset Management Limited (“ARA Group”).