OCBC Discloses Mandatory Conditional Offer Dealings in Suntec REIT Units

In a recent disclosure dated 16 January 2025, Oversea-Chinese Banking Corporation Limited (OCBC) provided detailed information regarding its dealings in Suntec Real Estate Investment Trust (Suntec REIT) units. This announcement, made in connection with the Mandatory Conditional Cash Offer (MGO) by Aelios Pte. Ltd., could have significant implications for shareholders and investors in Suntec REIT.

Key Highlights of the Disclosure

• The dealing was conducted by Bank of Singapore Limited, a subsidiary of OCBC, in its capacity as an exempt principal trader.
• Details of the dealing are as follows:
  • Date of Dealing: 16 January 2025
  • Nature of Dealing: Sale of 12,520 units pursuant to an existing derivative contract with a non-discretionary investment client.
  • Price per Unit: S\$1.2409
  • Total Amount: S\$15,536.07
• Post-transaction, the total number of units owned or controlled by entities within the OCBC group is 22,356,985 units, representing approximately 0.77% of the total units in issue.

Important Notes for Shareholders

It is important to note that the units held by OCBC entities are under the exempt fund manager and exempt principal trader status. According to the Practice Statement on the Exemption of Connected Fund Managers and Principal Traders under the Singapore Code on Takeovers and Mergers, these entities are not regarded as acting in concert with the Offeror (Aelios Pte. Ltd.).

Shareholders should also be aware that the total number of units in issue for Suntec REIT stands at 2,921,418,466, and the resultant percentage of OCBC’s controlled holdings is rounded to two decimal places.

No additional comments were provided in the disclosure, and the transaction appears to align with the terms of the existing derivative contract with a non-discretionary investment client.

Potential Implications for Shareholders

While this transaction represents only a small percentage of the total units in issue, it serves as a reminder of the ongoing dealings related to the MGO for Suntec REIT. Investors should closely monitor further disclosures and updates as they could influence the trading dynamics and valuation of Suntec REIT units.

Additionally, the sale price of S\$1.2409 per unit may serve as a reference point for market participants and could potentially influence short-term share price movements.

Disclaimer

The information provided in this article is for informational purposes only and should not be construed as financial advice. Readers are advised to conduct their own research or consult with a financial advisor before making investment decisions. The writer and publisher are not liable for any financial losses incurred based on this information.