Category Archives: Funds

Islamic Reits could get boost from KL

Posted on 22 Oct 2009 | Comments Off on Islamic Reits could get boost from KL

OWING to a pick-up in property sales, analysts do not expect the national Budget to be tabled tomorrow to hold goodies for the sector, except perhaps for Islamic real estate investment trusts (Reits), given that Syariah financing is a key area of promotion for the government.

Maybank-IB analyst Ong Chee Ting sees Islamic Reits as a ‘potential beneficiary’ of the Budget because of the government’s aspirations for Malaysia to be an Islamic capital market hub.

Currently only three out of Malaysia’s 11 Reits are Syariah-based, he noted, and incentives at both the Reit and Trust manager levels to promote the setting- up and development of Islamic Reits could act as a catalyst for the sector.

If Budgets of the previous years are any indication, the goodies directed at the Islamic capital markets are likely to continue. Continue reading →

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CCT posts 20.8% rise in Q3 distributable income

Posted on 22 Oct 2009 | Comments Off on CCT posts 20.8% rise in Q3 distributable income

CAPITACOMMERCIAL Trust (CCT) has posted a 20.8 per cent year-on-year increase in distributable income for the third quarter to $52.14 million.

Net property income rose by 15.5 per cent to $77.1 million on the back of positive rent reversions as well as cost savings from lower property taxes.

In addition, CCT’s distributable income for Q3 was boosted by lower interest expense arising from the prepayment in July of a $664 million debt from proceeds from the trust’s rights issue in June.

CCT’s distribution per unit (DPU) for Q3 ended Sept 30, 2009, was 1.85 cents, down from 3.10 cents in Q3 last year.

After adjusting for the issued rights units, the DPU rose from 1.54 cents to 1.85 cents, the trust manager said. Unitholders will not receive any distribution for Q3 as the trust distributes semi-annually. Continue reading →

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