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Axis REIT cancels plans to place 2nd tranche of new units

Clarifying certain media reports that indicated that Axis REIT's placement of the second tranche of new units has been postponed to 2018-end, the Malaysian real estate investment trust said it does not plan an issuance of the remaining tranche of the placement.

The decision was taken following a resulting gearing level of 29% after using proceeds from the first tranche, completed Nov. 28, 2017, as well as a 33% gearing level, as at Dec. 31, 2017. The company said it listed 125 million new units on Bursa Malaysia Securities Bhd.'s main market following the completion of the private placement.

As a result, the placement is rendered complete as at the deadline for its execution, which was the day following six months from the July 28, 2017, approval date, received from the bourse.