By P.R. Venkat
One of Singapore's wealthiest families have raised their offer to buy shares not already held in a locally listed real estate investment trust that is now valued at about US$2.54 billion.
Aelios, owned by Gordon Tang and Celine Tang, has agreed to pay 1.19 Singapore dollars, equivalent to US$0.87, for each Suntec Real Estate Investment Trust unit, the REIT said in a filing to the Singapore Exchange late Wednesday.
The sweetened offer is higher than the previous offer of 1.16 Singapore dollars per unit made by the privately held investment company. In December, Aelios, which already owns a 31.45% stake in Suntec REIT, made a mandatory general offer to buy the rest of the units.
The closing date of the offer period has been extended to Feb. 3 from Jan. 20, Suntec REIT said.
Listed on the Singapore Stock Exchange in 2004, Suntec REIT now has a market capitalization of 3.51 billion Singapore dollars. Its commercial asset portfolios are based in Singapore, Australia and the U.K.
In 2023, Gordon and Celine Tang were featured in Forbes's list of Singapore's 50 richest people.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
January 08, 2025 19:34 ET (00:34 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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