YTL CORP ... July 09

YTL CORP will take up 75% of the total rights units to be issued by Starhill GLOBAL REAL ESTATE INVESTMENT TRUST under its proposed one-for-one basis.

The Company said Jun 22, 2009 that the rights issue would be at SGD0.35 a unit. As at Jun 22, 2009, the Company owned 26.6% of STARHILL GLOBAL REIT.

STARHILL GLOBAL REIT is an externally managed real estate investment trust established in Singapore as a collective investment scheme. It was listed on the Main Board of the SGX-ST on Sep 20, 2005. As at Jun 18, 2009 STARHILL GLOBAL REIT had a total of 963.7m units in issue.

STARHILL GLOBAL REIT has a diverse portfolio of real estate and real estate assets with the prime objective of delivering regular and stable distributions and to achieve long term growth in the net asset value per unit.

YTL CORP had entered into a sub-underwriting agreement with DBS BANK ltd, MERRILL LYNCH SINGAPORE pl and CREDIT SUISSE SINGAPORE ltd in relation to the issue of 963.7m STARHIL GLOBAL REIT rights shares.

YTL CORP said that the subscription was is in line with YTL CORP's commitment to support STARHILL GLOBAL REIT by facilitating the underwriting of the Rights Issue by the joint lead managers and underwriters.

RIGHTS ISSUE AT DISCOUNT
The Rights Issue would also provide YTL CORP the opportunity to acquire rights units at a discount of approximately 45.3% to the closing market price on Jun 19, 2009 of SGD0.64 per unit.

Related:
YTL Corp Bhd/Starhill Global REIT ... July 09
YTL ... Jan 2009
YTL Corp Bhd ... Nov 2008