KUALA LUMPUR: Hektar Real Estate Investment Trust (REIT) has proposed to undertake a private placement of up to 20% of the total number of issued units of the company to third-party investors to be identified later.

In a filing with Bursa Malaysia, Hektar-REIT said the indicative issue price of the placement units is assumed to be 53 sen each. Based on the indicative issue price, the proposed private placement is expected to raise gross proceeds of up to RM53.64mil.

The utilisation of proceeds is for future viable investments. — Bernama