Malaysia's Eastern & Oriental says property unit seeks listing in London
Malaysia’s Eastern & Oriental says property unit seeks listing in London
KUALA LUMPUR (Reuters) – Malaysian property company Eastern & Oriental Bhd is seeking a London stock market listing for a unit owning three buildings in the British capital, saying a flotation would help the unit expand in the UK.
The company has proposed to admit shares and warrants of Eastern & Oriental Property (UK) Ltd to trading on AIM, the London Stock Exchange’s market for smaller growing companies, a company filing showed on Monday.
“Through the proposed IPO, the Eastern & Oriental (UK) will be able to strengthen its financial position and raise funds for the redevelopment of its real estate assets in London, namely ESCA House, Landmark House and Thames Tower, into residential and mixed-used developments,” Eastern & Oriental said.
The board is in the process of determining the offer size and pricing, the filing said, without giving any further details.
Eastern & Oriental’s original investment in Eastern & Oriental (UK) in July 2008 was about 8.81 million ringgit ($2.4 million), according to the filing. In January the company said it was buying Landmark House and Thames Tower from GEMS Hammersmith (Luxembourg) for 57 million pounds ($86 million).
Eastern & Oriental is one of a group of property companies within the portfolio of Malaysian state asset manager Permodalan Nasional Bhd, which has been restructuring its property portfolio since 2009.