[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Jun 16):
Suntec Real Estate Investment Trust (Reit); ESR Reit; Sabana Industrial Reit; Acrophyte Hospitality Trust: ESR Group, which is the sponsor of Suntec Reit, ESR Reit, Sabana Industrial Reit and Acrophyte Hospitality Trust, is expected to delist from the Hong Kong Stock Exchange on Jul 3 as its shareholders on Friday approved a scheme resolution to privatise it. The real estate fund manager received a privatisation proposal from a consortium of investors comprising Starwood Capital Operations, Sixth Street Partners, and SSW Partners in April 2024. On Friday, units of Suntec Reit ended unchanged at S$1.14; units of ESR Reit closed down 1.3 per cent or S$0.03 at S$2.31; units of Sabana Industrial Reit declined 2.5 per cent or S$0.01 to S$0.39; while units of Acrophyte Hospitality Trust gained 1.7 per cent or US$0.005 to US$0.295.
The Straits Trading Company: A cash consideration of around S$359.7 million from the disposal of its 4 per cent stake in ESR Group will be used to pare down debt, the investment company said on Monday. This comes as shareholders of ESR Group approved a scheme to privatise it on Friday. The group added that it was in its best interest to vote in favour of the privatisation scheme given that the value of ESR shares has been maximised. The counter closed Friday 0.7 per cent or S$0.01 lower at S$1.46.
Fu Yu: The components manufacturer announced on Sunday that all its independent directors had resigned, including Royston Tan and Christopher Huang, who is also the non-executive chairman. This comes amid attempts by Fu Yu’s largest shareholder Victor Lim to oust Tan and Huang from the board. Independent director Daniel Poh also resigned over differences in opinion on the company’s direction on matters not involving the day-to-day business of the company, which Tan and Huang also cited as a reason for resignation. All three quoted the investigations into Fu Yu Supply Chain Solutions as an example. Shares of Fu Yu closed down S$0.001 or 1 per cent at S$0.096 on Friday.
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