Date: 24 March 2010

General Announcement

Submitting Merchant Bank
:
 ECM LIBRA INVESTMENT BANK BERHAD  

Type
:

 Announcement
Subject
:
AMANAHRAYA REAL ESTATE INVESTMENT TRUST ("AMANAHRAYA REIT" OR THE "REIT")
- Proposed Acquisitions;
- Proposed Placement; and
- Proposed Increase in Fund Size
(collectively referred as the "Proposals")

Contents
:
(Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the announcement dated 15 January 2010).

Announcement Details :

We refer to the announcement made on 15 January 2010 in relation to the Proposals.

ECM Libra Investment Bank Berhad ("ECM Libra") on behalf of the Board of Directors of AmanahRaya - REIT Managers Sdn Bhd, the management company of AmanahRaya REIT ("ARRM" or the "Manager") is pleased to announce that the Securities Commission ("SC") had via its letter dated 24 March 2010 approved the following as proposed:

(i) the proposed issuance of up to 159,731,544 new units in AmanahRaya REIT ("Placement Units") ("Proposed Placement");

(ii) the valuation of Selayang Mall and Dana 13, of RM132,000,000 and RM107,800,000 respectively pursuant to the Proposed Acquisitions;

(iii) the listing of and quotation for up to 159,731,544 Placement Units to be issued pursuant to the Proposed Placement on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities"); and

(iv) the proposed variation to the requirements of Clause 14.04(a)(i), (ii) and (iii) of the Guidelines on Real Estate Investment Trust ("Proposed Variation").

The approval of the SC for the Proposed Variation and the Proposed Placement are subject to, inter-alia the following terms and conditions:

(i) Save for the placement of RM17 million worth of Placement Units to Kumpulan Wang Bersama ("KWB"), the Placement Units will be placed to exempt investors under Schedules 6 and 7 of the Capital Markets and Services Act 2007 and will not be placed to the following:

(a) Interested persons of ARRM, whether in their own names or through nominees;
(b) Persons connected to the interested persons in (a); or
(c) Nominee companies, unless the names of the ultimate beneficiaries are disclosed.

      The Proposed Variation is subject to the condition that the placees (save for KWB) must not be related parties.
(ii) Save for the placement of RM17 million worth of Placement Units to KWB, the number of Placement Units to be placed to a single placee is expected to be capped at not more than 10% of the Placement Units to be issued.

(iii) The issue price of the Placement Units will be determined on the price-fixing date after the unitholders' approval is obtained. The issue price of the Placement Units shall be priced at not more than 10% discount to the 5-day weighted average market price of the units immediately prior to the price-fixing date.

(iv) ARRM and ECM Libra are required to inform the SC prior to the listing of the Placement Units:
      (a) the actual number of units issued;
      (b) the date of issuance of the units; and
      (c) the date of the listing of and the quotation for the Placement Units on the Main Market of Bursa Securities.

In connection with the above, CIMB Trustee Berhad, the trustee for AmanahRaya REIT, has provided a written confirmation that the Proposed Acquisitions are based on normal commercial terms, at arm's length and not prejudicial to the interests of AmanahRaya REIT unitholders.

This announcement is dated 24 March 2010.


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