Quill Capita eyes more properties

Posted on | August 9, 2007

By BUSINESS TIMES

THE manager of Quill Capita Trust (QCT), Quill Capita Management Sdn Bhd (QCM), is in talks with a few parties to buy more commercial properties in the Klang Valley.

“At any one time, I must say there’s one or two parties that are quite keen to have a deal with us. Of course, other than these two, there are other people who are interested,” said QCT manager Quill Capita Management Sdn Bhd (QCM) chief executive officer Chan Say Yeong.

The firm, which has four properties in its portfolio, is buying Wisma Technip and part of Plaza Mont Kiara for RM125 million and RM90 million, respectively.

It will fund the two acquisitions by placing up to 151.44 million new units, that will raise up to RM227 million in gross proceeds. Yesterday, unitholders approved its plan to sell up to 251.44 million new units.

QCM signed an underwriting agreement with Aseambankers Malaysia Bhd, HwangDBS Investment Bank Bhd, Alliance Investment Bank Bhd and MIDF Amanah Investment Bank Bhd.

Once the placement of 151.44 new units is completed, the firm can still sell up to 100 million new units for other acquisitions. Chan said it may even have to borrow.

He said QCT is on track to double its asset size by year-end. With the deals, its asset size will just be 20 per cent shy of its year-end goal.

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