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Sime Darby to inject Aussie properties into Saizen Reit in reverse takeover
This will provide opportunity for Reit to venture into new business; Reit's market cap expected to be at least S$300m on completion of deal
Add BT as a preferred sourcePublished Mon, Aug 15, 2016 · 09:50 PM
Singapore
MALAYSIAN conglomerate Sime Darby Berhad is injecting some Australian industrial properties into Saizen Reit in return for a majority stake in the Reit through a reverse takeover. It will also be taking up an 80 per cent stake in the Reit manager.
A framework agreement was inked on Aug 15 between Saizen Reit and two of Sime Darby's subsidiaries, Saizen disclosed on Monday. Discussions on the terms of the definitive agreement have begun.
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