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Dasin Retail Trust's private placement 1.2 times subscribed

Dasin Retail Trust has raised S$68.8 million through a private placement that was 1.2 times subscribed in its latest equity fundraising exercise.

It will issue about 82.35 million units at S$0.836 apiece, representing a 2.4 per cent discount to the volume weighted average price of S$0.8563 per unit in Dasin Retail Trust for trades on Sept 2, 2019.

The trustee-manager intends to use approximately S$61.3 million, or 89.1 per cent of the gross proceeds of the private placement, to fund the purchase consideration payable to the vendor in connection with the proposed acquisition of the property known as Doumen Metro Mall, which is located at No. 328 Zhongxing Middle Road, Guangdong Province, the People’s Republic of China.

Another S$7.5 million, or 10.9 per cent, will be used to pay the estimated fees and expenses, including the placement commission and related fees and expenses payable to the Joint Bookrunners, and professional and other fees and expenses.

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The joint bookrunners are Bank of China Limited, Singapore Branch, CLSA Singapore, DBS Bank, Haitong International Securities (Singapore), Industrial and Commercial Bank of China Limited, Singapore Branch, Phillip Securities and Soochow CSSD Capital Markets (Asia).

The trading of the new units on the Singapore Exchange is currently expected to commence on Sept 12, 2019.