Thakral Corporation’s associate GemLife, a lifestyle resorts business owner in Australia, has signed an underwriting for its proposed initial public offering (IPO) on the Australian Securities Exchange.
The proposed IPO is expected to "take place very shortly”, according to the bourse filing on Jun 13. JP Morgan Securities Australia and Morgan Stanley Australia Securities are joint lead managers and joint underwriters in connection with the IPO.
Thakral owns an effective interest of 31.7% in GemLife. The proposed IPO will involve an offer of stapled securities related to GemLife Communities which are comprised of one fully paid ordinary share in the holding company of the GemLife group and one or more fully paid units in one or more registered schemes by the holding company and the responsible entity of the registered schemes respectively, stapled together to be quoted on the Australian Securities Exchange.
Shares in Thakral Corporationclosed 1 cent lower or 0.671% down at $1.48 on June 13.
