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Perennial Real Estate Holdings acquired 13,000 ordinary shares, which represents 10 percent stake, in Perennial China Retail Trust Management for S$3.9 million from Asdew Acquisitions.
The purchase price, which was arrived on a willing buyer-willing seller basis, will be satisfied by the issuance of 2.9 million new shares at Perennial Real Estate to Asdew, at an issue price of S$1.3353 per share.
All issued shares of Perennial China Retail Trust Management will be fully-owned by Perennial Real Estate Holdings upon completion of the transaction.
As of 31 July, the book value and net tangible asset value of the shares acquired by Perennial Real Estate Holdings amounts to S$9.8 million.
Perennial Real Estate currently has a market capitalisation of S$1.5 billion.
Image: Perennial Jihua Mall, Foshan, one of the properties owned by Perennial China Retail Trust.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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