Forterra Trust units soar after offeror raises takeover bid

SINGAPORE - Units of Singapore-listed Forterra Trust jumped on Monday after one of the largest privately-owned property developers in Hong Kong raised its bid for the trust.

Nan Fung International Holdings increased its cash offer for Forterra units from $1.85 to $2.25 apiece on Monday morning.

As a result, Forterra units leapt 39 cents, or 21 per cent to $2.25.

Forterra Trust is a business trust that owns, manages and develops retail and office space in Shanghai, Qingdao and Beijing.

Nan Fung first made a mandatory conditional cash offer of $1.85 per unit for Forterra on Nov 4.

This was after its stake in the trust climbed to 30.79 per cent.

Being above the 30 per cent threshold, that triggered a mandatory general offer under Singapore's takeover code.

Nan Fung is making the offer through its unit, New Precise Holdings.

Join ST's Telegram channel and get the latest breaking news delivered to you.