There is still no assurance or certainty that the proposed IPO would proceed and close successfully, says the company
[SINGAPORE] Property investor Thakral Corp’s associate GemLife is considering an initial public offering (IPO) on the Australian Securities Exchange (ASX) in the form of stapled securities.
GemLife, a lifestyle resorts business in Australia, is in “advanced discussions with potential underwriters for the proposed IPO”, said the mainboard-listed company in a bourse filing on Friday (Jun 6) evening.
Thakral Corp holds an effective interest of 31.7 per cent in GemLife through Thakral Capital.
The proposed IPO could involve an offer of stapled securities comprising one share in the holding company of GemLife Group, and one or more units in one or more registered schemes by the holding company and the responsible entity of the registered schemes respectively.
Thakral said that a prospectus and product disclosure statement would be made available to eligible investors when the offer is made.
Still, the company noted that there was no assurance or certainty that the proposed IPO would proceed and close successfully.
In April, GemLife said it was considering its strategic options, which could include the consideration of a possible IPO. It said then that it was planning to conduct a series of introductory meetings with investors, and that the review of these options would be managed independently without the involvement or participation of Thakral Corp.
GemLife is said to be the country’s largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.
Shares of Thakral closed S$0.08 or 5 per cent lower at S$1.52 on Friday (Jun 6) before the announcement.
Copyright SPH Media. All rights reserved.
