Al-Salam REIT could conduct the private placement of 116 million new units in multiple tranches instead of via a single issue, the REIT announced on 2 May.

The Shari’ah-compliant REIT first disclosed in late-2017 that it was acquiring 22 properties across Malaysia from the Kentucky Fried Chicken (KFC) group of companies for MYR115 million (USD29 million).

To partially fund the acquisition, Al-Salam REIT is conducting a private placement exercise of for up to 116 million new units on the main market of Bursa Malaysia to raise gross proceeds of up to MYR60 million.

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