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Croesus Retail Asset Management increases shareholdings in subsidiaries
CROESUS Retail Asset Management Pte Ltd, the trustee manager of Croesus Retail Trust (CRT), has increased its shareholdings in its subsidiaries for asset enhancement initiatives.
On Wednesday, CRT announced in a Singapore Exchange filing that Croesus Retail Asset Management has subscribed for an additional 245 million Class B preference shares (Apple 1 relevant shares) in Apple 1 TMK Holdings Pte Ltd, and an additional 255 million Class A preference shares (Apple 2 relevant shares) in Apple 2 TMK Holdings Pte Ltd for capital expenditure purposes and financing the construction of the proposed new building at Torius.
"The aggregate consideration for the subscription of the Apple 1 relevant shares is 245 million yen (S$3 million) and the aggregate consideration for the subscription of the Apple 2 Relevant Shares is 255 million yen, both of which were funded by drawing down on the four-year term loan facility of three billion yen which the trustee-manager entered into with Sumitomo Mitsui Trust Bank on March 24, 2017," CRT said.
Following the subscriptions for the Apple 1 Relevant Shares and the Apple 2 Relevant Shares, Croesus Retail Asset Management shareholding interest in Apple 1 TMK1 has increased to about 2.4 billion Class B preference shares, representing 100 per cent of the total number of Class B preference shares of Apple 1 TMK; and in Apple 2 TMK2 has increased to about 2.3 billion Class A preference shares, representing 100 per cent of the total number of Class A preference shares of Apple 2 TMK.
The subscriptions for the Apple 1 Relevant Shares and the Apple 2 Relevant Shares are not expected to have any material impact on the net tangible asset value per CRT unit or the distribution per CRT unit for the current financial year ending June 30, 2018, CRT said.
CRT closed trading unchanged at S$1.165 on Wednesday.