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Pavilion gains 6-month extension for 218 million share issuance

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Pavilion gains 6-month extension for 218 million share issuance

Malaysia's shopping center-focused Pavilion REIT obtained security commission consent to extend the deadline for completion of its proposed issuance and listing of placement units on the Bursa Securities' main market to Oct. 16 from April 16.

The retail landlord's plan to issue up to 218 million new units was greenlit in October 2017. Pavilion estimated that the issuance will gross 370.6 million Malaysian ringgit, based on its Oct. 19, 2017, closing price of 1.70 ringgit.

Proceeds are expected to be used to acquire the 437,585-square-foot Elite Pavilion Mall in Kuala Lumpur for 580.0 million ringgit.

As of March 28, US$1 was equivalent to 3.86 Malaysian ringgit.