WCT (KLSE:WCT) proposed to dispose of three retail properties for 2.4 billion ringgit to a newly established real estate investment trust named Paradigm REIT.

Paradigm REIT will be listed on the Main Market of Bursa Malaysia, according to a Wednesday Malaysian bourse filing.

Paradigm REIT plans to finance the purchase via issuance of 1.6 billion new units at an estimated 1 ringgit per unit, as well as 837 million ringgit in cash raised from medium-term notes issued by a special purpose vehicle.

The proposal also includes an offering of up to 560 million REIT units through retail and institutional offerings, as well as the listing of 1.6 billion REIT units on Bursa Malaysia's Main Market.

The proposals are expected to be completed by the first quarter of 2025, the property developer said.

Shares jumped about 5% recently.

Price (MYR): $1.08, Change: $+0.050, Percent Change: +4.85%