NEWS & PRESS RELEASES


22 November 2005

YTL launches prospectus for Starhill REIT

KUALA LUMPUR, YTL Corporation Berhad (YTL Corp), via its subsidiary Pintar Projek Sdn Bhd, today launched the Prospectus for the initial public offering of 509,599,000 new units representing undivided interests in Starhill Real Estate Investment Trust (Starhill REIT). Pintar Projek Sdn Bhd is the Manager for Starhill REIT.

The initial public offering (Offering) comprises a retail offer and an institutional offer, with a combined total of 509,599,000 units available under the Offering. A total of 29,999,000 units will be offered to the Malaysian Public under the retail offer (Retail Offer) and the remaining 479,600,000 units will be available to Malaysian and foreign investors under the institutional offer (Institutional Offer).

The final retail price (rounded up to the nearest sen) will be the lower of the retail offer price of RM0.98 per unit (Retail Offer Price) or 95% of the institutional offer price, to be determined by way of bookbuilding.

Starhill REIT has an approved valuation of RM1.15 billion and comprises YTL’s prime properties situated in Bukit Bintang, namely Lot 10 Shopping Centre, the newly-refurbished Starhill Gallery and the adjoining JW Marriott Hotel Kuala Lumpur.

Potential investors are expected to benefit from the stable distributions and future growth of rental rates generated by the aforesaid properties of Starhill REIT. Based on a Retail Offer Price of RM0.98 per unit, the forecast gross yield for Starhill REIT is as follows:-

For the financial period ending 30 June
2006 2007 2008
6.43% 6.71% 6.57%

Starhill REIT’s principal investment strategy is to invest in a diversified portfolio of income-producing real estate, used primarily for retail, office and hospitality purposes, with particular focus on retail and hotel properties. The primary objectives of Starhill REIT are to provide unitholders with stable cash distributions with the potential for sustainable growth, principally from the ownership of properties, and to enhance long-term unit value.

Starhill REIT was established by a trust deed entered into on 18 November 2005 between Pintar Projek Sdn Bhd (a subsidiary of YTL Corp) and Mayban Trustees Berhad, as manager and trustee, respectively, of Starhill REIT.

The indicative timing of events leading up to the listing of and quotation for Starhill REIT on Bursa Securities is set out below:-

Event Date
Opening of the Institutional Offer 22 November 2005
Opening of the Retail Offer 22 November 2005
Closing of the Retail Offer 29 November 2005
Closing of the Institutional Offer 1 December 2005
Price Determination Date 1 December 2005
Balloting of applications for Units pursuant to the Retail Offer 1 December 2005
Allotment of Units to successful applicants pursuant to the Retail Offer 12 December 2005
Allotment of Units pursuant to the Institutional Offer 12 December 2005
Listing of Units on the Main Board of Bursa Securities 16 December 2005

Investors interested in subscribing for units under the Retail Offer can obtain copies of the Prospectus and application forms from their brokers or remisiers, or by contacting one of the following:-

Pintar Projek Sdn Bhd

The Unit Registrar, 11th Floor, Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia         

Telephone No: +603 2117 0088 extension 8651

AmMerchant Bank Berhad

CF Administration Department, 22nd Floor, Bangunan AmBank Group, 55, Jalan Raja Chulan, 50200 Kuala Lumpur, Malaysia    

Telephone No: +603 2078 2633 / 44 / 55 extension 6488

Institutional Investors interested in subscribing for units under the Institutional Offer can contact the following:-

ECM Libra Securities Sdn Bhd

1st, 2nd & 3rd Floor Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia

Telephone No: +603 2178 1888

DBS Bank Limited   

6 Shenton Way, DBS Building Tower One, Singapore 068809         

 Telephone No: +65 6878 8888

Hongkong Shanghai Banking Corporation Limited

 21, Collyer Quay, #14-01 HSBC Building, Singapore 049320

Telephone No: +65 6530 5000

Related article:
Starhill REIT offers great opportunities for discerning investors





 Starhill (Eng).pdf
 
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