IslamicFinance.de

KLCC Property Holdings (KLCCP) expects its KLCCP Stapled Group, the first shariah-compliant stapled real estate investment trust (REIT), to become one of the largest property groups in Asia with a market capitalisation of RM12 billion. Chief Executive Officer Hashim Wahir said the KLCC REIT will house three properties - Petronas Twin Towers, Menara 3 Petronas and Menara ExxonMobil. The stapled REIT which is the KLCCP shares and KLCC REIT unit will be stapled and will be traded as one security on the Bursa Securities. Upon completion of the restructuring, KLCCP shareholders will own shares and units in KLCCP and KLCC REIT respectively.