Crystal Trust to be delisted on Friday

Singapore

CRYSTAL Trust, formerly known as Keppel Infrastructure Trust, will be delisted from the Singapore Exchange (SGX) from 9am on May 22, 2015.

"The board of directors of the trustee-manager wishes to announce that the SGX has advised that it has no objection to the delisting of Crystal Trust, subject to completion of the disposal and distribution-in-specie," Keppel Infrastructure Fund Management said in a release to SGX on Wednesday.

Keppel Infrastructure Trust was renamed Crystal Trust to avoid confusion with the enlarged trust, which was formed via a merger between Keppel Infrastructure Trust (KIT) and CitySpring Infrastructure Trust. CIT acquired all the assets and liabilities of KIT for a consideration of 1.33 billion CIT units at S$0.496 apiece, making it the biggest Singapore infrastructure-focused business trust listed on SGX.

After the merger was completed, the enlarged trust, or CIT, was renamed KIT. The enlarged KIT has taken on the SGX trading counter name "Kep Infra Tr fka CIT" for an interim period, after which it will be changed to "Kep Infra Tr".

As part of the distribution-in-specie, unitholders received 2.106 units in the enlarged trust for every one Crystal Trust unit held.

Based on CIT's closing price of S$0.55 as at 15 May - the last day of trading for CIT before the distribution-in-specie - the distribution in specie value per Crystal Trust unit worked out to S$1.16.