MYP completes sale of ABI Plaza to CapitaLand fund entity

REAL estate investment firm MYP has completed the sale of ABI Plaza in Tanjong Pagar on Thursday, it said in an exchange filing.

MYP had announced plans in September to sell ABI Plaza for S$200 million to Artemis Ventures, which is a Singapore-incorporated investment holding company linked to a private fund managed by CapitaLand Fund Management.

Mainboard-listed MYP's wholly-owned subsidiary Grace Shine on Sept 24 entered into a conditional sale and purchase agreement with Artemis.

ABI Plaza was put on the market in June with a guide price of above S$280 million. The Business Times (BT) reported that when the expression of interest exercise closed on July 30, only a few parties were said to have made submissions, all below S$200 million.

The private fund managed by CapitaLand later emerged the frontrunner for the property with a submission of about S$206 million, and entered into exclusive due diligence, BT reported.

MYP announced earlier this month that it sought a waiver from the Singapore Exchange from the requirement to obtain prior shareholders' approval for the proposed sale of ABI Plaza.

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The reasons for seeking the waiver included the proposed disposal being time-sensitive, and that the company's controlling shareholder, Jonathan Tahir, who held 86.3 per cent of MYP's shares, would be providing an irrevocable undertaking to vote in favour of the proposed disposal.

MYP said on Thursday it will convene an extraordinary general meeting to seek ratification by shareholders for the proposed disposal within three months from the date of grant of the waiver.

MYP shares closed unchanged at 9.5 Singapore cents on Thursday.