Saizen Reit announces delay in EGM to approve proposed reverse takeover

SINGAPORE - The manager for Saizen Real Estate Investment Trust (Reit) said on Tuesday (Jan 3) that an extraordinary general meeting to obtain unitholders' approval of a proposed reverse takeover of the Reit by Sime Darby Property Singapore has not been convened by Dec 31, 2016.

This is due to the proposed acquisition by the Reit of industrial properties in Australia and the RTO "taking a longer time than originally envisaged", as was disclosed in Saizen Reit's announcement on Nov 10, 2016, the Reit's manager said in a filing with the Singapore Exchange on Tuesday (Jan 3).

Work on the proposed RTO remains in progress, and it will make relevant announcements to update unitholders of significant developments and transaction timeline when appropriate, the Reit manager said.

Under the proposed RTO, Sime Darby Property, which is part of the Malaysian Sime Darby group, will have its Australian industrial assets injected into Saizen Reit.