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Malaysian Tycoon Lee Yeow Seng-Led IOI Properties To Raise $490 Million From REIT’s IPO
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Forbes reports that IOI Properties, led by Malaysian tycoon Lee Yeow Seng, plans to raise $490 million from the initial public offering of a real estate investment trust. According to Forbes, the company will use the net proceeds to fund expansion plans and reduce its debt, which rose about 22% from the previous year to 25.4 billion ringgit ($6.2 billion) as of end-June following real estate acquisitions in Singapore.
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Malaysian Tycoon Lee Yeow Seng-Led IOI Properties To Raise $490 Million From REIT’s IPO
IOI Properties will use the net proceeds from the IPO to fund expansion plans and reduce debt that has risen about 22% to 25.4 billion ringgit ($6.2 billion) as of end-June from the previous year following its real estate acquisitions in Singapore.
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