Announcement Details : 1. INTRODUCTION
On behalf of ARREIT, MIDF Amanah
Investment Bank Berhad ("MIDF Investment") wishes to announce that an
application in relation to the Proposed Appointment has been submitted
to the Securities Commission ("SC") on 9 July 2009.
2. DETAILS OF THE PROPOSED APPOINTMENT
The Proposed Appointment entails the
appointment of ARRM to replace AmanahRaya – JMF Asset Management Sdn
Bhd ("ARJMF") as the Manager of ARREIT, subject to the approval of the
SC. ARRM is a wholly-owned subsidiary of Amanah Raya Berhad.
On 18 May 2009, ARJMF had written to the
trustee of ARREIT, CIMB Trustee Berhad ("Trustee") to seek their
consent to retire as the Manager upon approval of the appointment of
ARRM as the Manager and vide its letter dated 9 June 2009, the Trustee
had indicated that it had no objection to the said request by ARJMF
subject to inter-alia, that the SC's approval be obtained for the
Proposed Appointment.
3. RATIONALE FOR THE PROPOSED APPOINTMENT
The Proposed Appointment is undertaken
to segregate the property investment / management activities from
ARJMF's fund management activities. ARRM will have the specialised
function of property investment and management activities as the new
Manager of ARREIT.
4. APPROVALS REQUIRED
Save for the approval sought from the SC, there are no other approvals required for the Proposed Appointment.
5. ESTIMATED TIME FRAME FOR COMPLETION OF THE PROPOSED APPOINTMENT
The Proposed Appointment is estimated to be completed by the end of the third quarter of 2009.
This announcement is dated 9 July 2009. |
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