In today’s briefing:
- Suntec REIT (SUN SP): Tang’s Obligatory Offer. But … Is ESR A Seller?
- Keppel Infrastructure Trust – Desalination Plant Disappears into Murky Off Balance Sheet Waters
Suntec REIT (SUN SP): Tang’s Obligatory Offer. But … Is ESR A Seller?
- Gordan Tang (& his wife Celine) acquired 2.14% in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
- The Offer Price is $1.16/share against a recent close of $1.17. The Offer will be conditional on a 50% acceptance hurdle. That’s it. This is purely a technical Offer.
- Share popped 7% on the news, and closed up ~5%. This appears unwarranted. Tang is not going to take Suntec private. But ESR Group (1821 HK) may be exiting.
Keppel Infrastructure Trust – Desalination Plant Disappears into Murky Off Balance Sheet Waters
- KEPPEL INFRASTRUCTURE TRUST (KIT) is an infrastructure trust listed in Singapore. KIT is managed by Keppel Infrastructure Fund Management Pte Ltd (KIFM) and is sponsored by Keppel, a global asset manager and operator. KIFM is a wholly-owned subsidiary of Keppel.
- The Trustee-Manager, KIFM, has dual responsibility of safeguarding the interests of KIT Unitholders, and managing the business conducted by KIT.
- The Trustee-Manager has general powers of management over the business and the assets of KIT and its main responsibility is to manage KIT’s assets and liabilities for the benefit of Unitholders as a whole.
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