Wilmar, Perennial chiefs in property venture

The chief executives of commodity trader Wilmar International and Perennial Real Estate are leading a group of investors in setting up a property joint venture with a target capital base of S$500 million.

Wilmar CEO Kuok Khoon Hong will hold a 49.5-per-cent stake in the joint venture – named Perennial Real Estate Holdings, while Perennial Real Estate CEO Pua Seck Guan will take up a 20-per-cent interest.

Wilmar chief operating officer Martua Sitorus and other investors will hold the rest, according to the statement issued late on Wednesday by Perennial China Retail Trust, a real-estate investment trust sponsored by Perennial Real Estate.

The joint venture will take a 49-per-cent stake in Perennial Real Estate, in which Mr Pua – a former top executive at CapitaLand – will retain a 51-per-cent interest, the statement said.

On Wednesday, Mr Kuok raised his stake in Perennial China Retail Trust to 16.9 per cent from 5 per cent, while Mr Sitorus upped his stake to 5.7 per cent from 3.2 per cent, according to the statement.

Perennial China Retail Trust units closed up 7.1 per cent at S$0.53 yesterday, while Wilmar shares ended up 1.9 per cent at S$4.89, compared to the 0.3-per-cent rise in the Straits Times Index.

Source : Today – 20 Apr 2012

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