AMFIRST REAL ESTATE INVESTMENT TRUST

Malaysia | 5120.KL | Main

By Sustify.world AI model | 2025-05-24
AmFIRST Real Estate Investment Trust (“AmFIRST REIT” or the “Trust”) is a real estate investment trust established in Malaysia and constituted by a Trust Deed dated 28 September 2006 (“Original Deed”) (as amended by the First Supplemented, Revised and Restated Trust Deed dated 15 December 2006 (“First Deed”), the Second Restated Deed dated 13 September 2013 (“Second Deed”) and the Third Restated Deed dated 12 June 2020 (“Third Deed” or the “Deed”)) entered into between AmREIT Managers Sdn Bhd (“AmREIT” or the “Manager”) and Maybank Trustees Berhad, as the Trustee of AmFIRST REIT (the “Trustee”). The Third Deed has superseded the Original Deed, the First Deed and the Second Deed. AmFIRST REIT was listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 21 December 2006. AmFIRST REIT owns a diverse portfolio of eight (8) properties located in Klang Valley (including Cyberjaya), Melaka and Penang with a total Net Lettable Area (“NLA”) of approximately 3.0 million sq ft. AmFIRST REIT is managed by AmREIT which is responsible for the management and administration of AmFIRST REIT, as well as the implementation of AmFIRST REIT's investment and business strategies. The Manager was incorporated in Malaysia on 20 April 2006 and is wholly-owned by AmREIT Holdings Sdn Bhd (“AmREIT Holdings”) which in turn is 70% owned by AmInvestment Group Berhad (“AIGB”) and 30% owned by Amcorp Properties Berhad (“AmProp”). AIGB is a wholly owned subsidiary of AMMB Holdings Berhad (“AMMB”). AMMB is a public limited liability company incorporated and domiciled in Malaysia, and listed on the Main Market of Bursa Malaysia. The principal activity of AMMB is that of investment holding and its subsidiaries provide a wide range of wholesale banking, business banking, retail banking, investment banking and related financial services which include Islamic banking, general insurance, life insurance, family takaful, stock broking, futures broking, investment advisory and management services in unit trust and real estate investment trust. There have been no significant changes in the nature of the principal activities. AmProp is a wholly owned subsidiary of Amcorp Group Berhad (“Amcorp”), which is also a substantial shareholder of AMMB, the ultimate holding company of AmREIT. Amcorp is an established investment holding company incorporated in Malaysia that is involved in many facets of businesses, with its core in financial services and property development and investment. In financial services, it mainly provides personal loans through strategic tie-ups with business partners which employ a unique distribution-collection mechanism. The property division involves in projects both in Malaysia as well as other prime cities overseas such as London, Hong Kong, Shanghai, Madrid & Singapore. Amcorp also invests in the business of renewable energy generation, and mechanical and electrical engineering.

Reference

Report Year: 2024
Source Files: AmFIRST_REIT_Annual_Report_2024_(Part_2).pdf

Sustainability Committee

Sustainability Committee (Members Unknown) 🟢

  • Quarterly ESG reporting 🟢
  • Bi-annual risk review 🟢

Reporting

GRI, TCFD, Integrated Report 🟢

GHG Accounting

AMFIRST Real Estate Investment Trust has made initial strides in GHG accounting by commencing tracking and reporting of Scope 1, 2, and 3 emissions in FY2024, using FY2018 as the base year. A notable strength is the integration of climate considerations into business activities, supported by Board oversight. However, the report lacks absolute emission figures, detailed methodologies, and third-party verification, which limits transparency. Key gaps include unspecified GWP basis and data collection approaches. To improve, the company should provide quantifiable emission data, adopt recognized standards like GHG Protocol, and seek external verification to enhance credibility. Addressing these areas will strengthen stakeholder trust and align with best practices in sustainability reporting.

Emissions

Scope Value Note
Scope1 Scope 1 Reported 🟢 Specific data not provided in absolute terms.
Scope2 Scope 2 Reported 🟢 Specific data not provided in absolute terms.
Scope3 Scope 3 Reported 🟢 Specific data not provided in absolute terms.
Biogenic emissions Not applicable → No biomass or biofuel usage reported.

Other Details

Efforts

  • 4.5% reduction 🟢
  • 2.7 tonnes recycled 🟢
  • Solar-powered lights 🌞
  • Energy-efficient systems 🌱

Social Highlights

  • 37.7 training hours 🟢
  • 100% OHS training 🟢
  • 16 engagement activities 🟢
  • RM9,090 to community 🥗
  • Limited data available ⚠️

Governance

  • Salary disclosure: Can’t find ⚠️
  • Litigation: Can’t find ⚠️

Report Quality

Commendable foundation in sustainability reporting by AMFIRST REIT 🟢. The FY2024 report demonstrates a structured approach with a clear ESG roadmap, quantifiable actions like a 4.5% carbon emission reduction and 2.7 tonnes of waste recycled, and alignment with frameworks such as GRI and TCFD. The inclusion of forward-looking commitments, such as carbon reduction targets, is a positive step. However, the report falls short on absolute emission data and lacks third-party verification, which undermines credibility ⚠️. Generic statements like 'committed to sustainability' are present without sufficient measurable outcomes to back them. To enhance future reports, the company should prioritize detailed GHG metrics, seek external assurance, and expand on social impact metrics. Overall, a solid base that can be elevated with greater specificity and transparency.

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This is AI model generated summary based on certain rules set by Sustify.world perspective. If the reader finds the information is incorrect, they can always approach us by sending email admin@sustify.world.

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