Hot stock: Saizen Reit down 42% as RTO deal falls through

CASH trust Saizen Real Estate Investment Trust (Reit), a former Japanese residential property trust, fell after a proposed reverse takeover by Sime Darby Property Singapore fell through.

As at 2.45pm, the counter was down 42 per cent, or 2.2 cents, to three Singapore cents a share.

Saizen Reit's manager said last Friday that it is not possible to complete the proposed transaction by the long-stop date of the implementation agreement, or March 31, 2017.

"The manager will commence liquidation proceedings for Saizen Reit upon the mutual termination of the implementation agreement, and will make relevant announcements to keep unit-holders updated as appropriate on the next steps," it said.