AmFIRST REIT records fair value loss of RM22m following revaluation exercise

KUALA LUMPUR (April 26): AmFIRST Real Estate Investment Trust records a fair value loss of RM21.99 million following the revaluation of several properties in line with regulatory requirements.

According to its filing with Bursa Malaysia, Wisma AmFIRST reported the largest revaluation shortfall at RM4.62 million, followed by Prima 10 (RM3.83 million), Jaya 99 (RM3.8 million), Mydin Hypermall (RM3.1 million), Menara AmFIRST (RM1.6 million), The Summit Subang USJ (RM1.44 million) and Prima 9 (RM188,798).

On the other hand, Bangunan AmBank Group and Menara Ambank reported revaluation surpluses of RM500,000 and RM227,921 respectively.

Valuation of these properties was carried out by First Pacific Valuers Property Consultant Sdn Bhd, Rahim & Co International Sdn Bhd and VPC Alliance (KL) Sdn Bhd.

“Based on the unaudited results as of March 31, 2022, the net asset value per unit (before distribution of income from AmFIRST REIT) will be RM1.1826 after incorporating the full fair value loss on investment properties, said AmREIT Managers Sdn Bhd. , the manager of the REIT.

AmFIRST’s unit price fell 0.5 sen or 1.3% to 38.5 sen, giving a market capitalization of RM264.26 million.