SINGAPORE (May 22): Two of Suntec Real Estate Investment Trust’s (Suntec REIT) substantial shareholders have spent around $16.3 million to scoop up sizeable stakes in the REIT earlier this month.

On May 8, substantial unitholder Tang Jialin paid $5.45 million for four million Suntec REIT units, which works out to an average price of $1.3625 per unit. With the purchase, he increased his direct stake to just over 140.9 million units, or 5% of the total. In an earlier filing on April 29, he bought two million units for $2.47 million, which works out to an average price of $1.235 per unit.

On May 6, another substantial unitholder Yang Chanzhen paid $3.74 million for 2.74 million units, which works out to an average price of $1.365. On May 18, she bought another 3.36 million units, at an average of $1.38. On top of their direct stakes, Tang and Yang control 20% interest each in an entity called Senz Holdings, which gives them a deemed stake of nearly 57.1 million units, or 2.03% of Suntec REIT. The recent purchases made by Tang and Yang came at a time when Suntec REIT’s unit price has dropped to its lowest since 2012, amid a broader market selldown of REITs.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook