IGB, Southkey City to raise RM1b for JB mall

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: IGB Corp Bhd, to­gether with its joint ven­ture part­ner Southkey City Sdn Bhd, are rais­ing up to RM1 bil­lion to fund the con­struc­tion of Mid Val­ley Mega­mall in Southkey, Jo­hor Baru.

In a fil­ing with the stock ex­change, IGB said the joint ven­ture com­pany Southkey Mega­mall Sdn Bhd will is­sue medium-term notes of up to RM1 bil­lion for the fund rais­ing ex­er­cise.

Hong Leong In­vest­ment Bank Bhd (HLIB) and May­bank In­vest­ment Bank Bhd (May­bank IB) have been ap­pointed as joint prin­ci­pal ad­vis­ers, as well as HLIB, May­bank IB and RHB In­vest­ment Bank Bhd as joint lead ar­rangers and man­agers for the medium-term notes pro­gramme.

The shop­ping mall forms part of the larger RM6 bil­lion in­te­grated mixed use de­vel­op­ment by Southkey Mega­mall which will com­prise three ho­tels, four of­fice tow­ers and one ser­viced apart­ment.

Once com­pleted, Mid Val­ley Mega­mall, Southkey will have an es­ti­mated net let­table area of 140,000 sq m, with 400 re­tail­ers in­clud­ing an­chor ten­ants and 6,000 park­ing bays. It will also be one of the largest malls in Jo­hor.

The shop­ping mall con­sists of six lev­els of re­tail, two lev­els of base­ment (park­ing) and eight lev­els of el­e­vated park­ing bays.

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