Al-Salam Real Estate Investment Trust (KLSE:ALSREIT) entered into conditional sale and purchase agreement to acquire 22 properties in Malaysia from KFC (Peninsular Malaysia) Sdn. Bhd., KFC (Sabah) Sdn. Bhd., Kentucky Fried Chicken (Malaysia) Sdn Bhd and SPM Restaurants Sdn Bhd for approximately MYR 120 million on November 30, 2017. The properties comprise 21 restaurant properties and 1 warehouse/office located across Malaysia. As per the terms, consideration will be satisfied entirely in cash and will be funded via borrowings of MYR 55 million and proceeds raised from proposed placement of MYR 60 million. As of February 28, 2019, the funding for the purchase consideration is to be done entirely through borrowings. The proceeds to be raised from proposed placement has been waived of on February 27, 2019. The transaction is subject to approval of shareholders of Al-Salam Real Estate Investment Trust, approval-in-principle from Bursa Malaysia Securities Berhad for the listing of and quotation for the new units on the Main Market of Bursa Securities, approval of financiers/creditors/lender of Al-Salam Real Estate Investment Trust, approval or no objection from the State Authority for the transfer of the properties with State Authority Consent and other conditions. The proposed acquisitions are conditional upon the leaseback agreement between the Manager, the Trustee and: (i) QSR Stores Sdn Bhd; and (ii) Pizza Hut Restaurants Sdn Bhd. On March 23, 2018, the Board of Al-Salam Real Estate Investment Trust approved the valuation of properties to be acquired by Al-Salam Real Estate Investment Trust, issuance of new units and listing of and quotation for the new units on the Main Market of Bursa Securities. On April 5, 2018, the Bursa Malaysia Securities Berhad has granted its approval for the listing of and quotation for up to 116 million new units to be issued pursuant to the proposed placement on the Main Market of Bursa Securities via its letter. As per announcement of May 8, 2018, general meeting of Al-Salam Real Estate Investment Trust's shareholders meeting will be held on June 6, 2018. The shareholders of Al-Salam Real Estate Investment Trust approved the transaction in the general meeting. As of July 5, 2018 and July 16, 2018, approval from Maybank Islamic Berhad and RHB Islamic Bank Berhad has been obtained respectively. On April 2, 2019, the parties to SPA 3, entered into a supplemental agreement to amend the condition related to regulatory approval. As per the supplemental agreement, the SPA 3 is subject to consent from the relevant state authority for the transfer of properties from the vendor to the purchaser; and to charge the properties in favour of the purchaser’s financier for the purchaser’s financing. The transaction is expected to close in second quarter of 2018. As of September 3, 2018, Al-Salam Real Estate Investment has requested for a further extension of 6 months from August 30, 2018 to February 28, 2019 to the vendors’ solicitors. The vendors’ solicitors have responded on August 30, 2018 that the request for extension is subject to the decision of the vendors' Board of Directors which shall be procured in due course. On September 7, 2018, the Board of Al-Salam received the approval of the Securities Commission via its letter dated September 6, 2018 for the application for an extension of time of 6 months, i.e. until March 22, 2019 to complete the issuance and listing of new units in Al-Salam REIT. As of September 18, 2018, Affin Hwang Investment Bank wishes to announce that the vendors, through its solicitors (via a letter dated September 14, 2018), have informed the purchaser that they are agreeable to its request for an extension of the conditional period for 6 months from August 30, 2018 until February 28, 2019. As of September 20, 2018, Affin Hwang Investment Bank wishes to announce that an application for an extension of time, from October 5, 2018 to March 22, 2019 for the manager to implement the proposed placement has been submitted to Bursa Securities. As of September 25, 2018, Bursa Securities has approved the extension of time until March 22, 2019 to complete the implementation of placement. The transaction will not result in any change to Al-Salam REIT’s unitholders’ capital and the substantial unitholders’ holdings. As of February 28, 2019, the transaction is expected to complete by the second quarter of 2019 for SPA1 and SPA2 and in the third quarter of 2019 for SPA3. As of March 19, 2019, the acquisition of 17 properties under agreement 1 and 2 is completed, following the payment of the balance purchase consideration. As of May 28, 2019, the conditional period for SPA 3 has automatically been extended for another 3 months from May 28, 2019. As of September 10, 2019, the conditional period is extended for another 6 months from August 28, 2019 to February 28, 2020 to facilitate the fulfillment of the condition precedent. As of February 28, 2020, the conditional period is extended from 28 February 2020 to 30 June 2020 to facilitate the fulfillment of the condition precedent. As of September 10, 2020, the conditional period is extended from June 30, 2020 to December 31, 2020 to facilitate the fulfillment of the condition precedent. Affin Hwang Investment Bank Berhad acted as financial advisor and DWA Advisory Sdn Bhd acted as independent financial advisor for Al-Salam Real Estate Investment Trust. Al-Salam Real Estate Investment Trust (KLSE:ALSREIT) completed the acquisition of 22 properties in Malaysia from KFC (Peninsular Malaysia) Sdn. Bhd., KFC (Sabah) Sdn. Bhd., Kentucky Fried Chicken (Malaysia) Sdn Bhd and SPM Restaurants Sdn Bhd on September 17, 2020. As of September 18, 2020, Al-Salam Real Estate Investment Trust completed the acquisition of 5 properties, under SPA 3 and the Supplemental Agreement, following the payment of the balance purchase consideration on September 17, 2020.