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Franklin Resources lowers stake in ARA Asset Management
FRANKLIN Resources Inc has on Tuesday sold 43,906 shares of ARA Asset Management at S$1.75 apiece, the latter said in a filing to the bourse operator on Wednesday.
Franklin now has a deemed interest of 79.7 million ARA shares, representing about a 7.99 per cent stake.
This comes as ARA is in the process of being privatised.
The privatisation bid is led by its group founder and chief executive officer, John Lim. The consortium, which includes Cheung Kong Property and The Straits Trading Company, wants to take the group private at S$1.78 a share and values the company at S$1.78 billion based on its total issued shares.
The privatisation will be through a scheme of arrangement, which requires the approval of at least 75 per cent of the value of shares of the voting shareholders and more than half of shareholders being present and voting in person or by proxy. The consortium shareholders will not vote on their shares at the meeting.
Under the scheme of arrangement, the offeror is a special purpose vehicle, Athena Investment Company (Cayman) Limited.
ARA and Athena previously said that regulatory approvals for the scheme of arrangement have been obtained.