PROPERTY tycoon Gordon Tang and his wife Celine have made a mandatory conditional cash offer to acquire all the units of Suntec Real Estate Investment Trust (Reit) at S$1.16 per unit in cash.
The offer was made through investment holding company Aelios, which the two are directors of. It was formed for the undertaking of the offer and acquisition of the Reit’s units, said the company in a bourse filing on Thursday (Dec 5).
The offer was triggered after Aelios acquired 62.5 million units, about 2.1 per cent of the Reit’s total units, on Thursday by way of on-market transactions at S$1.16 apiece. This brought its total deemed interest in the trust to 31.5 per cent, amounting to 918.7 million units.
Aelios was previously deemed to have a 29.3 per cent stake in Suntec Reit.
Aelios said that the offer was made solely to comply with Rule 14.1 of the Take-over Code, by which any entity controlling more than 30 per cent of a Reit must make a mandatory general offer to acquire its remaining units.
The company added that it intends to maintain the listing status of Suntec Reit on the Singapore Exchange, following the completion of the offer.
The offer will turn conditional once Aelios receives 50 per cent or more of Suntec Reit’s total units.
Units of Suntec Reit closed at S$1.17 on Thursday, up 0.9 per cent or S$0.01, prior to the news.
Copyright SPH Media. All rights reserved.
