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CRCT gets nod to list 64.4m new units at S$1.612 apiece from upsized placement
CAPITALAND Retail China Trust (CRCT) on Thursday said it has obtained Singapore Exchange's (SGX) in-principle approval for the listing of new units at S$1.612 apiece.
Some 64.4 million new units will be issued, with aggregate gross proceeds amounting to S$103.8 million. CRCT also said that the private placement has been over-subscribed and that the upsized option has been exercised in full.
The new units started trading on SGX at 9am on Thursday.
The China-based mall real estate investment trust (Reit) will use about S$101.7 million of the proceeds to help fund a joint acquisition of Rock Square mall in Guangzhou, China. The remaining S$2.1 million will be used to pay placement-related expenses.
The placement price of S$1.612 per unit represents a discount of approximately 3.5 per cent to the counter's volume weighted average price of S$1.6707 per unit on Nov 28, the date on which the placement agreement between CapitaLand Retail China Trust Management and DBS Bank was entered into.
CRCT closed at S$1.57 per unit on Thursday, unchanged from the previous day's close.
DBS Bank is the sole bookrunner and underwriter for this private placement.