The updated proposal also confirms that ESR’s shareholders can choose between receiving their offer in cash, roll their shares into the go-forward private company, or do both.
Qatar Holding, which is owned by Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), has joined a consortium proposing to take the Hong Kong-listed ESR Group private, according to a filing put out by ESR Group on the Hong Kong Exchange (HKEX) on Oct 4. ESR Group is the sponsor of some of Singapore’s REITs such as ESR-LOGOS REIT (SGX:J91U
) and Suntec REIT. Qatar Holding holds about 127.3 million shares in ESR Group or a 3% stake. The expanded consortium now has a total stake of 1.69 billion shares or a 39.9% stake in ESR.
The group received an an updated non-binding proposal from the consortium looking to take the group private, after the initial indicative proposal sent on April 25. The proposal remains subject to additional due diligence, which includes ESR’s financials. There was no mention of price.
