Takeover offer made for Indiabulls property trust at 90 cts apiece
The offeror and parties aim to delist the business trust from the SGX
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Anita Gabriel
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Singapore
A TAKEOVER offer of S$306 million has been made for Indiabulls Properties Investment Trust (IPIT) by the Indiabulls Group at 90 Singapore cents apiece, in a move that will lead to the delisting of the business trust from the Singapore Exchange (SGX).
Some deem the development as good riddance - and it is hard to fault this view, given that since its 2008 listing on the SGX at S$1 a unit, IPIT has been on the receiving end of scorn - share price under-performance being one key reason.
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