Accordia Golf Trust completes divestment, suspends trading in units

THE trustee-manager of Accordia Golf Trust (AGT) on Tuesday announced that it has completed the 65.2 billion yen (S$843.6 million) sale of the trust's interests in all its golf courses to AGT's sponsor Accordia Golf.

As a result, the trading of AGT units on the Singapore Exchange has been suspended with effect from 9am on Wednesday.

The trustee-manager said it received a total of about S$844 million, from a foreign-exchange forward contract for 38.7 per cent of the deal's price tag as well as the conversion of the other 61.3 per cent into Singapore dollars.

AGT's trustee-manager would distribute the net proceeds from the divestment via a special distribution to be paid in two tranches.

For the first tranche, entitled unitholders will receive 70.66 Singapore cents per unit on Oct 15, the trustee-manager said in an exchange filing on Tuesday.

It will release further announcements on the payment of the second tranche of the special distribution, the winding up and the delisting of AGT.

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In mid-September, unitholders gave their approval for AGT to sell its 88 golf courses in Japan to the sponsor. Investors also voted to wind up the trust.

Prior to the suspension, AGT units closed down 0.7 per cent or 0.5 Singapore cent to 72.5 cents on Tuesday.