Wilmar strikes S$19.2m conditional sale agreement with St James Holdings

Transaction involves shares and subordinated bonds.

The board of directors of Wilmar International Limited (Wilmar) announced that it has, through its wholly-owned subsidiaries, entered into conditional sale agreements with St James Holdings Limited (St James), a company listed on the Catalist board.

Pursuant to the agreements, the subsdiaries have agreed to sell and St James has agreed to acquire (a) such number of shares and subordinated bonds to be issued by Perennial Somerset Investors Pte. Ltd., which would represent approximately 4.5 per cent. equity interest in TripleOne Somerset; and (b) 6,000,000 units issued by Perennial China Retail Trust.

The sale assets form part of a portfolio of assets to be acquired by St James from Perennial Real Estate Holdings Pte Ltd (PREH) and certain other vendors. The company, through its wholly-owned subsidiary, holds a 19.9 per cent. interest in PREH.

The aggregate purchase consideration for the sale assets is approximately S$19.2 million, subject to adjustments for net assets at closing, which consideration will be satisfied by the issuance of new ordinary shares in St James. Pursuant to the acquisition, PREH will also be issued consideration shares in respect of the assets held by PREH to be acquired by St James pursuant to the Acquisition. Closing of the acquisition is conditional upon the satisfaction of certain conditions precedent including inter alia the approval of the shareholders of St James.

Subject to closing taking place, it is expected that the company would, by reason of the issuance of the consideration shares for the acquisition, acquire an effective interest in 13.02 per cent. in the enlarged share capital of St James.

Save for Mr Kuok Khoon Hong and Mr Martua Sitorus, none of the Directors or controlling shareholders of the company have an interest, direct or indirect, in the Sale Assets and the Acquisition.