Perennial Real Estate Holdings said late on Monday (Dec 22) it has gained control of 96.32 per cent of Perennial China Retail Trust at the close of its takeover offer.
Trading in Perennial China will be suspended from Tuesday, and Perennial Real Estate will exercise its right to compulsorily acquire the remaining Perennial units at the offer price of S$0.70, to be satisfied by the issuance of 0.52423 Perennial Real Estate shares.
The successful takeover of Perennial China, which has around S$1.86 billion worth of China property assets, paves the way for the start of trading by Perennial Real Estate on the main board of the Singapore Exchange.
Perennial Real Estate has already completed its reverse takeover of nightspot operator St James Holdings.
Perennial Real Estate is an integrated real estate owner, developer and manager whose properties include CHIJMES, Capitol, TripleOne Somerset and the House of Tan Yeok Nee in Singapore.
Its China projects include the Chengdu East High Speed Railway Integrated Development and the Xi’an North High Speed Railway Integrated Development.
Source : Channel NewsAsia – 22 Dec 2014