IOI Properties Group Berhad Announces Key Updates on Proposed REIT Listing

IOI Properties Group Berhad (IOIPG) has released significant updates regarding its plans to establish, offer, and list a Real Estate Investment Trust (REIT), which could have a material impact on the company’s valuation and share price. The latest announcement details crucial changes to the appraised value of the assets involved, as well as an alteration to the structure of the proposed public offering. These developments are highly relevant for shareholders and potential investors.

Key Points from the Announcement

• Increase in Appraised Value of REIT Assets:
  • The independent property valuer, Knight Frank, has completed an updated valuation of the assets to be injected into the REIT, as of 31 May 2026.
  • The total appraised value has increased by RM86.0 million (1.1%) to RM7.66 billion, from the previous valuation of RM7.58 billion as of 31 October 2025.
  • This increase is primarily attributed to a rise in the market value of key properties, including IOI City Mall, IOI City Towers, PFCC Towers, Putrajaya Marriott Hotel, and Moxy Putrajaya.
  • However, this was partially offset by a decrease in the value of Courtyard by Marriott Penang, and a RM3.0 million reduction in the valuation of W Kuala Lumpur due to revised assumptions for a leased void area.
• Variation in Proposed Offering Structure:
  • The number of Pink Form Units (a special allocation) under the Proposed Restricted Pink Form Offering has increased to include eligible business associates of the IOIPG Group who have contributed to its success.
  • This adjustment led to a corresponding decrease in units allocated to institutional and selected investors under the Proposed Institutional Offering.
  • Details of the revised unit allocation are provided in the appended tables.
• Other Terms Unchanged:
  • Aside from the above two changes, all other terms and conditions of the Proposals remain unchanged.
  • The announcement is dated 23 July 2026.

Detailed Breakdown of Revised Asset Valuations and Offer Structure

Valuation Changes by Property (as of 31 May 2026)

• IOI City Mall: Revised appraised value at RM5.15 billion (up from RM5.10 billion)
• Putrajaya Marriott Hotel: Increased to RM266 million (from RM256 million)
• Le Méridien Putrajaya: Remains at RM343 million
• Moxy Putrajaya: Increased to RM222 million (from RM207 million)
• Four Points by Sheraton Puchong: Unchanged at RM128 million
• W Kuala Lumpur: Decreased to RM391 million (from RM394 million)
• Courtyard by Marriott Penang: Decreased to RM166 million (from RM173 million)
• IOI City Towers: Increased to RM551 million (from RM540 million)
• PFCC Towers: Increased to RM447 million (from RM440 million)

Total revised appraised value: RM7.66 billion (previously RM7.58 billion)

Summary of Disposal Consideration

• The updated disposal consideration represents a discount of approximately RM86.0 million (1.1%) to the independently appraised fair value of the subject properties.

Revised Offering Structure

• Retail Offering:
  • Entitled IOIPG Shareholders: 550,614,537 units (10.0% of total units)
  • Eligible Persons (including business associates): Increased from 23,500,000 to 55,000,000 units (0.4% to 1.0%)
  • Malaysian Public via balloting: 110,000,000 units (5.0%) split equally between Bumiputera and Non-Bumiputera
  • Total Retail Offering: Increased from 684,114,537 to 715,614,537 units (12.4% to 13.0%)
• Institutional Offering:
  • Bumiputera investors approved by MITI: Unchanged at 687,500,000 units (12.5%)
  • Other Malaysian and foreign institutional/selected investors: Decreased from 828,385,463 to 796,885,463 units (15.1% to 14.5%)
  • Total Institutional Offering: Decreased from 1,515,885,463 to 1,484,385,463 units (27.6% to 27.0%)
• Grand Total Offering: 2,200,000,000 units (40.0% of total REIT units)

Potential Share Price Impact and Shareholder Considerations

• Positive Asset Revaluation:
  • The increase in the appraised value of key assets is a positive signal, potentially enhancing the net asset value (NAV) and attractiveness of the REIT, which could be supportive for IOIPG’s share price.
• Changes in Unit Allocation:
  • The redistribution of units in the offering, with more going to business associates and fewer to institutional investors, may impact demand dynamics and post-listing liquidity. Investors should monitor the impact on investor mix and sentiment.
• Discount to Appraised Value:
  • The disposal consideration is set at a discount to the updated appraised values, which may affect perceptions of value realization for IOIPG shareholders.
• Potential for REIT Upside:
  • If the REIT lists successfully at or above the indicative asset values, there could be further upside for IOIPG as sponsor and substantial unitholder.
• Shareholders should pay close attention to:
  • Final pricing and terms of the REIT listing
  • Market reaction to the revised offer structure
  • Updates on regulatory approvals and final asset injection terms

Important: These changes are price-sensitive and could materially affect IOIPG’s share valuation and future earnings, especially given the scale of the asset injection and the strategic importance of the REIT initiative to the group’s long-term growth.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or an offer to buy or sell securities. Investors should conduct their own due diligence or seek professional advice before making investment decisions. The information is based on publicly available documents as of 23 July 2026 and may be subject to further updates or changes.

Kumpulan IOI Properties Umum Perkembangan Penting Penyenaraian REIT

IOI Properties Group Berhad (IOIPG) telah mengumumkan perkembangan penting berkaitan rancangan untuk menubuhkan, menawarkan dan menyenaraikan Amanah Pelaburan Hartanah (REIT), yang berpotensi memberi kesan material kepada penilaian dan harga saham syarikat. Pengumuman terkini ini memaparkan perubahan utama pada nilai penilaian aset yang terlibat serta perubahan pada struktur tawaran awam yang dicadangkan. Perkembangan ini amat relevan untuk pemegang saham dan pelabur berpotensi.

Perkara Utama dalam Pengumuman

• Kenaikan Nilai Penilaian Aset REIT:
  • Penilai hartanah bebas, Knight Frank, telah menyelesaikan penilaian terkini bagi aset yang akan dimasukkan ke dalam REIT pada 31 Mei 2026.
  • Jumlah nilai penilaian telah meningkat sebanyak RM86.0 juta (1.1%) kepada RM7.66 bilion, berbanding penilaian sebelum ini sebanyak RM7.58 bilion pada 31 Oktober 2025.
  • Kenaikan ini didorong oleh peningkatan nilai pasaran beberapa aset utama seperti IOI City Mall, IOI City Towers, PFCC Towers, Putrajaya Marriott Hotel dan Moxy Putrajaya.
  • Namun, kenaikan ini telah diimbangi dengan penurunan nilai Courtyard by Marriott Penang dan penurunan RM3.0 juta bagi W Kuala Lumpur akibat semakan semula andaian penilaian untuk kawasan tambahan yang disewakan.
• Perubahan Struktur Tawaran:
  • Bilangan Unit Pink Form (peruntukan khas) dalam Tawaran Pink Form Terhad telah meningkat bagi memasukkan rakan niaga perniagaan IOIPG yang telah menyumbang kepada kejayaan kumpulan.
  • Perubahan ini menyebabkan penurunan peruntukan unit kepada pelabur institusi dalam Tawaran Institusi yang dicadangkan.
  • Butiran perubahan peruntukan unit dinyatakan dalam jadual yang disediakan.
• Terma Lain Tidak Berubah:
  • Selain dua perubahan di atas, semua terma dan syarat lain bagi cadangan tersebut kekal tidak berubah.
  • Pengumuman bertarikh 23 Julai 2026.

Perincian Nilai Aset dan Struktur Tawaran yang Dikemaskini

Perubahan Penilaian Mengikut Hartanah (sehingga 31 Mei 2026)

• IOI City Mall: RM5.15 bilion (dari RM5.10 bilion)
• Putrajaya Marriott Hotel: RM266 juta (dari RM256 juta)
• Le Méridien Putrajaya: Kekal RM343 juta
• Moxy Putrajaya: RM222 juta (dari RM207 juta)
• Four Points by Sheraton Puchong: Kekal RM128 juta
• W Kuala Lumpur: RM391 juta (dari RM394 juta)
• Courtyard by Marriott Penang: RM166 juta (dari RM173 juta)
• IOI City Towers: RM551 juta (dari RM540 juta)
• PFCC Towers: RM447 juta (dari RM440 juta)

Jumlah nilai penilaian dikemaskini: RM7.66 bilion (sebelum ini RM7.58 bilion)

Ringkasan Pertimbangan Pelupusan

• Pertimbangan pelupusan dikemaskini adalah pada diskaun kira-kira RM86.0 juta (1.1%) berbanding nilai pasaran adil aset yang dinilai secara bebas.

Struktur Tawaran yang Dikemaskini

• Tawaran Runcit:
  • Pemegang saham IOIPG yang layak: 550,614,537 unit (10.0%)
  • Orang Layak (termasuk rakan niaga perniagaan): Meningkat dari 23,500,000 ke 55,000,000 unit (0.4% ke 1.0%)
  • Orang Awam Malaysia melalui undian: 110,000,000 unit (5.0%) dibahagi sama rata antara Bumiputera dan bukan Bumiputera
  • Jumlah Tawaran Runcit: Meningkat dari 684,114,537 ke 715,614,537 unit (12.4% ke 13.0%)
• Tawaran Institusi:
  • Pelabur Bumiputera yang diluluskan MITI: Kekal 687,500,000 unit (12.5%)
  • Pelabur institusi Malaysia & asing: Berkurang dari 828,385,463 ke 796,885,463 unit (15.1% ke 14.5%)
  • Jumlah Tawaran Institusi: Berkurang dari 1,515,885,463 ke 1,484,385,463 unit (27.6% ke 27.0%)
• Jumlah Keseluruhan Tawaran: 2,200,000,000 unit (40.0% unit REIT)

Kesan Potensi kepada Harga Saham dan Perhatian Pemegang Saham

• Penilaian Aset Positif:
  • Kenaikan nilai aset utama adalah isyarat positif, berpotensi meningkatkan nilai aset bersih (NAV) dan tarikan REIT, yang boleh menyokong harga saham IOIPG.
• Perubahan Peruntukan Unit:
  • Pembahagian unit dengan lebih banyak kepada rakan niaga perniagaan dan kurang kepada pelabur institusi boleh memberi kesan kepada permintaan dan kecairan selepas penyenaraian. Pelabur perlu memantau kesan kepada sentimen pelabur.
• Diskaun kepada Nilai Penilaian:
  • Pertimbangan pelupusan pada diskaun kepada nilai penilaian terkini boleh mempengaruhi persepsi pelabur terhadap realisasi nilai untuk pemegang saham IOIPG.
• Potensi Upside REIT:
  • Jika REIT disenaraikan pada atau melebihi nilai aset indikatif, terdapat potensi kenaikan untuk IOIPG sebagai penaja dan pemegang unit utama.
• Pemegang saham perlu memberi perhatian kepada:
  • Penetapan harga akhir dan terma penyenaraian REIT
  • Reaksi pasaran kepada struktur tawaran yang dikemaskini
  • Kemaskini status kelulusan kawal selia dan terma akhir pemindahan aset

Penting: Perubahan ini adalah sensitif harga dan boleh memberi kesan material kepada penilaian saham IOIPG serta pendapatan masa depan, khususnya memandangkan skala pemindahan aset dan kepentingan strategik inisiatif REIT kepada pertumbuhan jangka panjang kumpulan.

Penafian: Artikel ini untuk tujuan maklumat sahaja dan bukan nasihat kewangan atau tawaran untuk membeli atau menjual sekuriti. Pelabur harus membuat penilaian sendiri atau mendapatkan nasihat profesional sebelum membuat keputusan pelaburan. Maklumat adalah berdasarkan dokumen awam bertarikh 23 Julai 2026 dan tertakluk kepada perubahan lanjut.

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