Viva Industrial Trust says Kim Seng Holdings' right of first refusal has ceased

THE managers of Viva Industrial Trust (VIT) on Thursday said that Kim Seng Holdings (KSH) has ceased to be a shareholder of the managers and as a result, KSH's right of first refusal has ceased.

According to the trust's prospectus, KSH had granted a right of first refusal to the trust for income-producing real estate located in Singapore and the Asia-Pacific region which are used primarily for business park and other industrial purposes.

"The KSH right of first refusal is valid for so long as, among other conditions, KSH and/or any of its related corporations, alone or in aggregate, remains as a controlling shareholder of the Reit manager or the trustee-manager," VIT said.

"As at the date hereof, there are no relevant assets which are subject to the KSH right of first refusal. The cessation of the KSH ROFR is not expected to have any material impact on the net tangible assets and distribution per stapled security of VIT for the financial year ending Dec 31, 2017."

That said, KSH shareholder Tan Kim Seng will remain as a non-executive director of the managers.