KUALA LUMPUR: RHB Trustee, the trustee of AME Real Estate Investment Trust (REIT), has entered into three conditional sales and purchase agreements (SPA) with AME Elite Consortium Bhd
for the purchase of industrial properties for a total cash consideration of about RM69.3mil.
In a filing with Bursa Malaysia, Hong Leong Investment Bank Bhd (HLIB), the management company of AME REIT, said two of the SPAs were signed with AME Development Sdn Bhd, a wholly-owned subsidiary of AME Elite, for the acquisitions of Plot 15 and Plot 16 Indahpura for a total cash value of RM53mil.
The third SPA was signed with Ipark Development Sdn Bhd, a 79.9%-owned subsidiary of AME Elite, for the purchase of Plot 43 SAC for a cash consideration of RM16.3mil.
According to HLIB, the proposed acquisitions are deemed to be related-party transactions in view of the interests of certain directors of the manager and certain major unitholders of AME REIT.
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