IOI Properties Group Bhd edged lower at the close of Thursday’s trading session despite making progress on its proposed REIT, with the stock slipping 1 sen or 0.25% to RM4.01.
The stock opened at RM4.02 before trading at a high of RM4.04 and a low of RM4.00. It closed just above the RM4.00 level at 4pm, with 1.18 million shares changing hands.
The movement came a day after the Securities Commission Malaysia approved the application by IOI Properties’ proposed investment management company to conduct fund management activities restricted to REIT asset management.
The approval, dated Aug 18 and received by IOI Properties on Aug 19, represents a key regulatory step towards establishing the proposed REIT, which includes planned disposals, an offering, listing and leases.
However, the approval remains subject to conditions that the proposed fund manager must fulfil within six months from Aug 18.
IOI Properties said the proposed REIT is also still subject to other approvals and consents before proceeding.
At RM4.01, the stock remained below its recent trading levels as investors continued to assess the progress of the proposed REIT structure.
