Suntec REIT issued 111.11 million new units at $1.80 apiece

The new units will commence trading on the SGX-ST on 6 May.

A total of 111.11 million new units in Suntec Real Estate Investment Trust (Suntec REIT) have been issued at a price of $1.80 apiece, an announcement by ARA Trust Management revealed.

The new units will commence trading on the main board of the Singapore Exchange Securities Trading (SGX-ST) at 9 a.m. on 6 May. Following the issuance of the new units, the total number of units in Suntec REIT will increase from 2.68 billion units to 2.79 billion.

Also read: Suntec REIT NPI dipped 7.6% to $58.1m in Q1

“Other than the cumulative distribution to which the new units will not be entitled, the new units issued pursuant to the private placement will, upon issue, rank pari passu in all respects with the units in issue,” the firm highlighted in an announcement.

The cumulative distribution is intended to ensure that the distributable income accrued by Suntec REIT up to the day immediately preceding the date of issue of the new units, which will be entirely attributable to the existing units, is only distributed in respect of the existing units, and was proposed as a means to ensure fairness to existing holders.