[SINGAPORE] Thakral Corp clarified rumours that its associate GemLife, a resort-living developer in Australia, is gearing up for an initial public offering (IPO), and said there is “no certainty” that any transaction will go through.
It was responding to an article published online by The Australian Financial Review on Apr 2, which said GemLife “was ready” to test the appetite of fund managers for an IPO.
According to the article, GemLife’s owners Queensland’s Puljich family and Thakral Capital have reportedly mandated JPMorgan and Morgan Stanley to prepare introductory meetings with listed equities investors.
Thakral Corp holds an effective interest of 31.7 per cent in associate GemLife through Thakral Capital.
GemLife is a lifestyle resorts business targeting retirees in Australia. It is said to be the country’s largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.
Thakral Corp’s board said in a bourse filing on Monday (Apr 7) that it had been in touch with a representative board member of Thakral Capital.
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In response to The Australian Financial Review’s article, the group said GemLife is “currently considering its strategic options, which may include the consideration of a possible initial public offering, and is intending to conduct a series of introductory meetings with investors regarding GemLife”.
“There is no certainty or assurance that GemLife will proceed with any transaction,” it noted, adding that the board is not in a position to comment on the article and its contents.
The group added that GemLife’s strategic review of its aforementioned options is managed independently without the involvement or participation of Thakral Corp.
This is except for Thakral Capital, which – as a shareholder of GemLife – has appointed a representative board member to GemLife.
Shares of Thakral closed at S$0.78, down S$0.01 or 1.3 per cent on Monday, before the announcement.
