Lapse in RTO deal sends Saizen Reit tumbling

Singapore

A LAPSE in the framework agreement for a reverse takeover (RTO) of Saizen Reit by Malaysian conglomerate Sime Darby sent the Reit on a dive on Monday.

Units of Saizen Reit tumbled 27 per cent to 4.3 Singapore cents, a 52-week low, after 7.13 million shares changed hands.

Saizen Reit has become a cash trust since it sold its entire portfolio of Japanese regional residential properties to Triangle TMK in March for 44.66 billion yen (S$517.3 million). Most of the proceeds from the sale were paid out to unitholders via a …