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Perennial China Retail Trust to suspend trading of units from Dec 23
Perennial Real Estate Holdings revealed on Thursday that it has completed the purchase of 90.64 per cent of the issued units of Perennial China Retail Trust (PCRT).
Once the transaction is completed, PCRT will have less than 10 per cent of its units in free float.
As such, the trust noted that it will have to suspend trading of its units with effect from Dec 23 in line with SGX rules. Under Rule 723 of the listing manual of the SGX, PCRT must ensure that at least 10 per cent of the total number of units is at all times held by the public.
According to its rules, the SGX will, in a takeover situation, suspend trading of the listed securities of an issuer at the close of the offer if the free float falls below 10 per cent.
The offer will close at 5.30 pm on Dec 22, 2014 and since Perennial Real Estate does not intend to take steps to preserve the listing status of PCRT on the SGX, it will suspend trading at 9am on Dec 23.