lee-shau-kee-exits-suntec-reit-through-placement

Lee Shau Kee exits Suntec Reit through placement

The $100 million sale was done at a discount of less than 1%, but was still followed by a sell-off in the secondary market.
Hong Kong property tycoon Lee Shau Kee has sold his entire 5.3% stake in Singapore-listed Suntec Real Estate Investment Trust, raising S$153.3 million $100 million.

The sale, which was completed late Wednesday through a placement arranged by Citi, saw good interest from institutional investors and was priced at a tight 0.97% discount to that dayÆs close. Even so, SuntecÆs share price dropped 4.4% in the wake of the sale yesterday. To be fair though, the decline came on a day that saw most of the Singapore Reit sector struggle with Frasers Centrepoint Trust down 3.9%, CapitaCommercial Trust off 3.3% and CapitaMall Trust finishing 2.0% lower.

Some observers suggested retail investors in particular...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222