18. Unitholders’ capital (Cont’d) The Fund issued 580,000,000 units of RM1 each in conjunction with the Fund’s Initial Public Offering (“IPO”) on the Main Market of Bursa Malaysia on 29 September 2015 of which 327,640,000 units of RM1 each were issued to vendors of the Fund’s investment properties to partially finance the acquisition of the said investment properties. The remaining 252,360,000 units of RM1 each were issued as part of the IPO to institutional investors and the Malaysian public. Details of units held by the related companies of the Manager which comprise companies related to Johor Corporation, a body corporate established under the Johor Corporation Enactment No. 4, 1968 (as amended by the Enactment No. 5, 1995), and substantial unitholders of the Fund, and their market value as of 31 December 2024 based on the Record of Depositors are as follows: No. of units 2024 2023 2024 2023 RM RM Group and Fund Related companies: Johor Corporation 24,436,600 24,436,600 9,163,725 11,729,568 Damansara Assets Sdn Bhd 278,539,417 278,539,417 104,452,281 133,698,920 Kulim (Malaysia) Berhad 27,060,600 27,060,600 10,147,725 12,989,088 Waqaf An-Nur Corporation Berhad 57,769,401 57,769,401 21,663,525 27,729,312 Johor Land Berhad 1,499,500 1,499,500 562,313 719,760 KPJ Healthcare Berhad 2,000,000 2,000,000 750,000 960,000 Kumpulan Bertam Plantations Berhad 296,000 296,000 111,000 142,080 Tenaga Utama (Johor) Berhad 7,688 7,688 2,883 3,690 Market value for purposes of disclosure above is based on the closing price of the Fund as shown on the board of the Main Market of Bursa Malaysia, which was RM0.38 per unit as at 31 December 2024 (2023: RM0.48 per unit). 19. Management Expense Ratio (‘MER’) Group/Fund 2024 2023 % % MER 0.67 0.72 The calculation of MER is based on the total fees of the Fund incurred for the year, including the Manager’s fees, Trustee’s fees, audit fee, tax agent’s fee and administrative expenses, to the average net asset value of the Fund during the year calculated on a monthly basis. Since the average net asset value is calculated on a monthly basis, comparison of the MER of the Fund with other Real Estate Investment Trusts (“REIT”) which use a different basis of calculation may not be an accurate comparison. Notes to the Financial Statements - 31 December 2024 1 ABOUT US 229 3 SUSTAINABILITY STATEMENT 6 FINANCIAL STATEMENTS 2 BUSINESS OVERVIEW 4 CORPORATE GOVERNANCE 5 OTHER INFORMATION
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