Proposed reverse takeover for Saizen Reit delayed

THE transaction process on a reverse takeover (RTO) deal between Saizen Real Estate Investment Trust (Reit) and Sime Darby Property Singapore that has been brewing since August is taking longer than expected.

In an exchange filing on Tuesday morning, Saizen Reit manager said that because of this, the extraordinary general meeting has not been convened by Dec 31, 2016, as agreed under the implementation agreement.

Work on the proposed RTO remains in progress, and it will make relevant announcements to update unitholders of significant developments and transaction timeline when appropriate, it added.

Under the deal, Sime Darby Property, part of the Malaysian Sime Darby conglomerate, will have its Australian property assets injected into Saizen Reit.