Perennial China Retail Trust to be suspended from trading Dec 23 as takeover crosses 90%

SINGAPORE - Developer Perennial Real Estate Holdings (PREH) has amassed more than 90 per cent of its sponsored unit, Perennial China Retail Trust (PCRT), as at Wednesday.

This means that the Singapore-listed PCRT has lost its free float requirement, where at least 10 per cent of its total units have to be held by the public.

PREH, which has real estate assets in China and Singapore, does not intend to take steps to preserve the listing status of PCRT on the Singapore Exchange mainboard.

The PCRT units will be suspended from trading on Dec 23, after the buyout offer closes the day before.

PREH announced in October that it had made a voluntary conditional offer to acquire all the remaining units of PCRT it did not already own, in exchange for new PREH shares. The units will be swapped at 70 cents each.

The offer had been declared unconditional in all respects on Nov 14.

PCRT announced in a statement on Thursday that the board will release further announcements "at the appropriate junctures".