Gordon and Celine Tang increase Suntec REIT cash offer to $1.19

The Tangs made a mandatory conditional offer of $1.16 per unit on Dec 5, 2024, after Aelios acquired some 62.5 million units via the market on the same day, bringing their stake in the REIT to 31.45%.

According to rule 14.1 of the takeover code, a mandatory offer is triggered when a shareholder or offeror acquires 30% or more units in a REIT.

The offer will be conditional upon Aelios receiving 50% or more of the units in Suntec REIT. 

As at Jan 8, Aelios now owns 33.32% of the units in Suntec REIT.

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The offer closing date has also been extended to 5.30pm on Feb 5, from Jan 20 previously.

Units in Suntec REIT closed 1 cent higher or 0.84% up at $1.20 on Jan 8.