KUALA LUMPUR, Dec 16 (Bernama) -- Starhill Real Estate Investment Trust (REIT) opens at RM1.07 on its debut at Bursa Malaysia Securities this morning, 11 sen higher than its retail's initial public offering of 96 sen.
The largest property REIT to be listed was also higher than the price that it offered to institutional investors which was at RM1.01 each.
YTL Corporation Bhd managing director, Tan Sri Francis Yeoh Sock Ping said the debut price was good for retail investors.
The listing has created a lot of buzz, he said at a press conference after the event this morning and he regarded the commendable performance as a Christmas gift to those who invested in the REIT.
YTL, the sponsor of Starhill REIT, owned 51 percent interests.
The price was within the analysts' fair value which ranged between RM1.14 to RM1.50.
The properties in the Starhill REIT comprise the upmarket Starhill and Lot 10 shopping complexes and JW Marriot Hotel which are located within the same vicinity in Kuala Lumpur's golden triangle business district.
However, with a continued bearish sentiments in the market, Starhill REIT turned weaker after the initial strong opening.
It gradually moved to the morning session low of RM1.00 at around 10.16 am, before rebounding.
At 11.34 am, it was at RM1.01 per share with a total of 56.059 million shares transacted.
Most of Starhill REIT changed hands at RM1.02-RM1.04, contributing 33.618 million or roughly 60 percent of the total amount of shares traded in the first two and a half hour. -- BERNAMA
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