Volare’s partial offer for Sabana Reit turns unconditional
Tessa Oh
VOLARE Group’s voluntary conditional cash partial offer to acquire an additional 10 per cent of Sabana Industrial Reit (Sabana Reit) at S$0.465 per unit has been declared unconditional in all respects.
This comes after the Swiss group, which is a substantial shareholder of Sabana Reit, received valid acceptances amounting to over 177.2 million units or 16.2 per cent of the real estate investment trust as at 6pm on Wednesday (Mar 8).
Together with valid acceptances of the offer, the total number of shares owned, controlled or agreed to be acquired by the offerer and its concert parties represent a total of 236.7 million units or 21.6 per cent of the Reit.
Under the partial offer, the offeror is not permitted to acquire any additional units which may be tendered for acceptance under the offer. Therefore, the number of excess units tendered will be accepted on a pro-rated basis up to the number which will equal to the number of offer units, at the close of the partial offer.
As a result of the offer turning unconditional, the offer’s closing date has been extended by two weeks to 5.30pm on Mar 24, 2023, from the same time on Mar 10.
Volare, which currently holds 5.4 per cent of issued units in Sabana, is a Switzerland-incorporated entity with various businesses. Its subsidiary, Oel-Pool SG, is one of Switzerland’s leading suppliers of fossil fuels, and operates over 700 petrol stations together with its unit, Moveri.
The group previously said that it is launching the partial offer to diversify its business away from fossil fuels and build up its real estate portfolio.
Units of Sabana Reit closed S$0.005 or 1.2 per cent lower at S$0.42 on Wednesday before the announcement.
Copyright SPH Media. All rights reserved.
