Portugal signs contract for partial TAP sale to Lufthansa
The offer valued a stake of up to 49.9% at €1.201 billion. The transaction still requires European approval.
IOI Properties launches property trust IPO seeking 2.1 billion ringgit
The offering puts the trust's value at about 5.3 billion ringgit, with a Bursa Malaysia listing planned for November 25.
IOI Properties Group opened the initial public offering of its Malaysian property trust on November 3, aiming to raise about 2.1 billion ringgit ($515.7 million). The company plans to list the trust on Bursa Malaysia on November 25.
The prospectus sets the retail price at 96 sen per unit, valuing IOIPG Malaysia Real Estate Investment Trust at about 5.3 billion ringgit. Maybank Investment Bank, one of the offering's joint principal advisers, said it would be the country's biggest real estate investment trust IPO.
IOI Properties is selling as many as 2.2 billion units. The prospectus allocates up to 715.6 million units to retail buyers and up to 1.48 billion to institutions. The company will receive the sale proceeds but has not disclosed their intended use.
The trust holds nine properties worth 7.66 billion ringgit, among them six Marriott-branded hotels and IOI City Mall, Malaysia's largest retail mall. The mall's leasable area exceeded 2.5 million square feet, while committed occupancy stood at 97.9% on May 31, according to the prospectus.
Following the listing, IOI Properties intends to keep up to 60% of the trust's units.