However, the trading of its shares – which will be promoted to the mainboard of the SGX – is only expected to start sometime in December.

Perennial also announced that it is making a voluntary offer to acquire the remaining units of Perennial China Retail Trust in exchange for new Perennial Real Estate Holdings shares. The company plans to take the trust private.

Perennial said it can turn into a property giant with a net asset value of S$2.62 billion.

Mr Pua Seck Guan, chief executive of Perennial, said: “We own the two largest high-speed rail commercial hubs in the whole of China – in Chengdu and Xi’an. In the case of Chengdu, we have a development area more than 12 million square feet. And in Xi’an, we have a development area of more than eight million square feet. These high-speed rail commercial developments also have local MRT and bus interchanges.”

Source : Channel NewsAsia – 27 Oct 2014

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The nightspot operator’s shares ended trading at 6.4 cents each, up from 5.4 cents before the stock was suspended on Friday.

The shares rose as high as 7.7 cents earlier in the session.

St James said on Friday it would buy property assets in Singapore and China worth S$1.56 billion from a group of sellers by issuing new shares.

It would also buy a nearly 28 per cent stake in Perennial China Retail Trust.

The transaction would effectively hand over control of the company to Perennial, which is headed by former CapitaLand shopping mall chief Pua Seck Guan.

The assets that will be injected into St James including majority stakes in Chijmes, as well as the upcoming Capitol Development, a mixed development that will comprise a luxury hotel, high-end apartments, a heritage retail arcade and a shopping mall.

Shares of mainboard-listed Perennial China Retail Trust (PCRT) also rose on Monday, closing almost one per cent higher at 55 cents each.

Source : Channel NewsAsia – 1 Mar 2014

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