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Soilbuild Reit's sponsor signs term sheet for possible transaction of interests
THE non-executive director of Soilbuild Business Space Reit's manager, Lim Chap Huat, has entered into a non-binding term sheet in relation to a possible transaction involving his interests, and those of his three sons Lim Han Feng, Lim Han Qin and Lim Han Ren in the real estate investment trust (Reit).
In a bourse filing on Friday, the Reit's manager said the signing of the term sheet may or may not lead to a transaction for the Reit's units.
It emphasised that there is no certainty or assurance that any transaction will occur.
The Lims - who are sponsors of Soilbuild Reit - jointly hold a 30 per cent stake in the Reit as at Aug 31, a Soilbuild Reit spokesperson told The Business Times on Friday afternoon.
Mr Lim Chap Huat, who is also the chairman of Soilbuild Group Holdings holds a 9.2 per cent stake, while Soilbuild Group directors Mr Lim Han Feng, Mr Lim Han Qin and Mr Lim Han Ren own 6.9 per cent each, the spokesperson said.
The Reit manager said it will release further announcements if and when there are any material developments which warrant disclosure.
The manager requested a trading halt on Tuesday at 3.36pm, which it lifted before the market opened on Friday. Units of Soilbuild Business Space Reit were trading at 48 Singapore cents as at 9.57am on Friday, up 2.5 cents or 5.5 per cent. (see amendment note)
Amendment note: A previous version of this article stated that units of Soilbuild Reit were trading on Thursday. Trading in the counter was in fact halted on Tuesday, with the halt lifted early on Friday.