pg. 285 Financial Statements Integrated Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS - 31 December 2025 18. Unitholders’ capital (Cont’d) 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 2025 based on the Record of Depositors are as follows: No. of units 2025 2024 2025 RM 2024 RM Group and Fund Related companies: Johor Corporation 24,436,600 24,436,600 11,973,934 9,163,725 Damansara Assets Sdn Bhd 223,679,417 278,539,417 109,602,914 104,452,281 Kulim (Malaysia) Berhad 27,060,600 27,060,600 13,259,694 10,147,725 Waqaf An-Nur Corporation Berhad 57,529,401 57,769,401 28,189,406 21,663,525 JLG Land Berhad 1,499,500 1,499,500 734,755 562,313 KPJ Healthcare Berhad 2,000,000 2,000,000 980,000 750,000 Kumpulan Bertam Plantations Berhad 296,000 296,000 145,040 111,000 Tenaga Utama (Johor) Berhad 7,688 7,688 3,767 2,883 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 RM0.49 per unit as at 31 December 2025 (2024: RM0.38 per unit). 19. Management Expense Ratio (‘MER’) Group/Fund 2025 % 2024 % MER 0.82 0.67 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.
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