Billionaire Gordon Tang-owned Aelios offers to buy rest of Suntec REIT (updated)

Suntec Real Estate Investment Trust

05/12/2024 13:45

(Adds details, background in paragraphs 2-7)
       Dec 5 (Reuters) - Aelios, a Singaporean company owned by
billionaire Gordon Tang, on Thursday launched an offer to buy
shares it does not already own in Suntec Real Estate Investment
Trust  SUNT.SI , valuing the REIT at S$3.39 billion ($2.53
billion).
    Under the offer, the investment holding company will acquire
the Suntec REIT shares at an offer price of S$1.16 per share in
cash.
    Based on Reuters calculations, Aelious would have to fork
out $1.74 billion to buy the remaining Suntec shares.
    The offer follows Aelios' purchase of over 62 million
shares, or 2.14%, in Suntec REIT on Thursday, increasing its
stake to 31.45% from 29.31%, triggering an obligation to make
the mandatory general offer, according to the announcement.
    The offer price is same as the last close of Suntec Real
Estate Investment Trust on Dec 4.  Aelios said it intends to
maintain the listing of Suntec on the Singapore stock exchange. 
    Aelios added that it has sufficient financial resources to
satisfy full acceptance of its offer. 
    United Overseas Bank and DBS are the joint financial
advisors of Aelios, the statement showed. 
    Shares of Suntec REIT has dropped 4.9% so far this year, as
per LSEG data. 
    
($1 = 1.3410 Singapore dollars)

 (Reporting by John Biju in Bengaluru and Yantoultra Ngui in
Singapore; Editing by Shailesh Kuber)
 ((John.Biju@thomsonreuters.com;))