THE Securities Commission has approved YTL Corp Bhd's proposal to list Starhill Real Estate Investment Trust (Starhill REIT) on Bursa malaysia main board.
The flotation of Starhill REIT would see an offering of 1.04 billion units, YTL said in a statement on Monday.
Of the total, 479.6 million units are for institutional investors and 30 million for retail offerings.
The balance 530.4 million units, or 51% stake, will be retained by YTL Corp.
Starhill REIT has an approved valuation of RM1.15bil and includes YTL's properties such as Lot 10 Shopping Centre, Starhill Gallery and J. W. Marriott Hotel Kuala Lumpur.
The proposed disposal of these prime properties for RM1.15bil by YTL Corp is expected to result in an exceptional gain on disposal of approximately RM687mil based on the net book value of these properties as at June 30, 2004