Sime Darby to inject Aussie properties into Saizen Reit in reverse takeover
This will provide opportunity for Reit to venture into new business; Reit's market cap expected to be at least S$300m on completion of deal
Singapore
MALAYSIAN conglomerate Sime Darby Berhad is injecting some Australian industrial properties into Saizen Reit in return for a majority stake in the Reit through a reverse takeover. It will also be taking up an 80 per cent stake in the Reit manager.
A framework agreement was inked on Aug 15 between Saizen Reit and two of Sime Darby's subsidiaries, Saizen disclosed on Monday. Discussions on the terms of the definitive agreement have begun.
Saizen Reit's market capitalisation is expected to be at least S$30…
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