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PropNex says BT report was not inaccurate

PROPNEX Realty, the largest real estate agency in Singapore that made its trading debut on Monday, has clarified that the "inaccuracies" that it had referred to in response to a Business Times article on its IPO prospectus was "not in relation to the article in itself". 

"This was in relation to certain feedback attributed to observers and members of the public that were cited in the said articles. This was not in relation to The Business Times article in itself," it said. "We apologise for this misunderstanding and regret any inconvenience caused."

PropNex was referring to The Business Times article dated June 21, 2018 entitled “S$5m value in PropNex prospectus for agents’ transfer causing a stir” and The Straits Times article dated June 21, 2018 entitled “PropNex’s IPO document yields a couple of surprises”.

In those articles, it was reported that the S$5 million value pegged to PropNex's business takeover agreement with Dennis Wee Realty last year in the IPO prospectus lodged by PropNex has raised the eyebrows of many observers, who keenly recalled that the transaction was previously said to have no dollar value.

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It said that the business takeover agreement between PropNex and Dennis Wee signed on Nov 29, 2017 superseded earlier arrangements, including the memorandum of understanding (MOU) signed on June 10 last year. The MOU did not include terms relating to any sum or consideration. 

PropNex made its trading debut on the Singapore stock exchange on Monday. It closed at S$0.715, up 10 per cent from its IPO price of S$0.65.