Perennial Real Estate amasses 96.32% of Perennial China Retail Trust by offer closing

SINGAPORE - A takeover offer for mainboard-listed Perennial China Retail Trust (PCRT) by its parent company Perennial Real Estate Holdings (PREH) closed on Monday with PREH having amassed 96.32 per cent of the trust.

PCRT will be suspended from trading starting Tuesday.

Under Singapore Exchange rules, at least 10 per cent of a listed entity's total units have to be held by the public.

In October, PREH made a voluntary conditional offer to acquire all the remaining units of PCRT in exchange for new PREH shares.

This followed the completion of a $1.56 billion reverse takeover by PREH of nightlife firm St James Holdings.

The units are to be swapped at 70 cents each.