Accordia Golf refutes Hibiki's letter, says offer to AGT was made after extensive negotiations

Singapore

ACCORDIA Golf, the sponsor of Accordia Golf Trust (AGT) on Friday lashed back at AGT's largest minority unitholder, who alleged that the proposed price to buy over the trust's golf courses is "too low".

In a reply to Hibiki Path Advisors, which has a 7.6 per cent stake in AGT, Accordia Golf said it is "unclear" how Hibiki reached this position as it has not provided an opinion from any independent and qualified advisory firm, investment bank or valuer to support its opinion.