ARA Asset Management to delist on April 19

MAINBOARD-LISTED ARA Asset Management will be delisted with effect from April 19.

It said in a filing with the Singapore Exchange on Monday afternoon that Athena Investment Company (Cayman) Limited has made payment on Monday to acquire the issued and paid-up ordinary shares in the capital of the company.

At S$1.78 per share, this would place ARA Asset Management's market capitalisation at S$1.78 billion.

The integrated real estate fund manager was listed in November 2007, at an initial public offering price of S$0.76.

Trading of shares of ARA Asset Management has been halted since April 6. They last traded at S$1.775.

"The board of directors of the company wishes to take this opportunity to thank all shareholders for the continued support given to the company throughout the years since its initial public offering and listing," wrote the release.