Managers for for Far East Hospitality Trust (Far East H-Trust) (SGX:Q5T), FEO Hospitality Asset Management, announced on 5 January that it has transferred 1 million units of the stapled security to Golden Development Pte Ltd.
Golden Development is a unit of sponsors Far East Organization Group and a substantial unitholder of Far East H-Trust. The units were transferred on 5 January at a price of SGD0.8186 per stapled security.
Each stapled security comprises of one unit in Far East Hospitality REIT and Far East Hospitality Business Trust.
The price per stapled security transferred was based on the volume weighted average price for a stapled security for Far East H-Trust on the Singapore Exchange (SGX) for the ten business days between 5 December and 18 December 2014.
With the transfer, Golden Development now holds 20,216,716 units of Far East H-Trust, representing a stake of 1.14% in the stapled security.
Units of Far East H-Trust last changed hands on the SGX at SGD0.825.