Viva Industrial Trust plans equity fund-raising of up to S$110m
INDUSTRIAL landlord Viva Industrial Trust has proposed a round of equity fund-raising to help it pay for part of three industrial property acquisitions.
It wants to issue up to 160.82 million new stapled securities to raise up to S$110 million in gross proceeds, it said in a Singapore Exchange filing on Friday.
This would represent about 22.8 per cent of the number of existing issued stapled securities.
Viva is buying industrial properties at Tai Seng Avenue, Ubi Road and Pioneer Road. The total acquisition cost for the three sums up to about S$191 million.
The trust said it has not decided on the proposed equity fund-raising's structure yet, but may use a private placement or a "non-renounceable preferential offering" to its existing stapled security holders on a pro-rated basis.
It said that its major stapled security holders have already agreed to vote for the fund-raising proposal. These include Tong Jinquan, who has promised to subscribe for up to S$61.1 million worth of new stapled securities if Viva goes for a preferential offering.
The Reit has called for an extraordinary general meeting on Nov 16 to seek shareholder approval.
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