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Bond Market News
Cuscaden to Own 61.7% of SPH REIT as Offer Concludes
July 1, 2022
Singapore-based investment holding company Cuscaden Peak has upped its stake in SPH REIT to 61.7% after the former received 402.9mn units as part of its chain offer, as per an exchange filing. In April, the Cuscaden consortium consisting of Hotel Properties, businessman Ong Beng Seng and Temasek-backed CLA and Mapletree, had offered to acquire SPH REIT at S$0.9372 ($0.67) per unit. This came after SPH shareholders in March voted in favor of Cuscaden’s takeover offer, which resulted in Cuscaden and its concert parties owning 47.2% of SPH REIT at the time, Business Times notes.
SPH REIT’s dollar bonds were trading higher with its 4.1% perp up over 0.1 points to 98.97 yielding 4.61%.
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