Perennial Real Estate Holdings, whose properties include Capitol and CHIJMES, made a weak debut on the main board of the Singapore Exchange (SGX) on Friday (Dec 26), opening more than 20 per cent below the notional value of its shares.
Perennial Real Estate – which achieved its stock market listing via a reverse takeover of nightclub operator St James Holdings – recently took over Perennial China Real Estate by issuing new Perennial Real Estate shares valued at S$1.3353 each.
Around 11.20 am, Perennial Real Estate shares were traded at S$1.035, down from its opening price of S$1.05.
Perennial Real Estate – which will have net assets of around S$2.6 billion following the completion of the Perennial China takeover and purchase of a Beijing product – is a Singapore-based real estate developer and manager headed by former CapitaLand retail chief Pua Seck Guan.
Its other Singapore properties include TripleOne Somerset and the House of Tan Yeok Nee, while its China projects include the Chengdu East High Speed Railway Integrated Development and Xi’an North High Speed Railway Integrated Development.
SGX said in a statement that Perennial Real Estate’s listing brings the total number of real estate companies and trusts to 90, with a market capitalisation of around S$172 billion.
Source : Channel NewsAsia – 26 Dec 2014