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.