The offer is conditional upon the REIT substantial unitholders receiving more than 50% of units and will be adjusted for any distributions paid out during the offer period.
The team of analysts at RHB Bank Singapore have kept their “buy” call and target price (TP) of $1.35 unchanged on Suntec REIT following a mandatory cash offer of $1.16 per unit put up for the REIT by investment holding company, Aelios.
On Dec 5, Aelios, which is equally held by Gordon Tang and spouse Celine Tang, purchased 62.5 million units equal to a 2.14% stake in the REIT via the open market. This resulted in the offeror concert party holding over 30% of total units, triggering a mandatory general offer for all the units.
