Saizen REIT announcement points to further delays in reverse takeover deal with Sime Darby

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Saizen REIT announced on 1 February that it has entered into a supplemental agreement with Sime Darby to amend the long stop date of a reverse takeover agreement from 31 January 2017 to 31 March 2017.

The REIT, which was formerly listed on the Singapore Exchange as the country’s only residential real estate investment trust, first announced in August 2016 that it has entered into an agreement with the Malaysian conglomerate for a possible reverse takeover deal.

The arrangement would see Saizen REIT acquire Hastings Deering's industrial properties in Australia, and in return, new units of Saizen REIT will be issued to Sime Darby's subsidiary in Singapore, Sime Darby Property Singapore Limited.

This arrangement would see Saizen REIT return as an a Singapore-listed, but Australian heavy industrial REIT.

However Saizen REIT announced in January 2017 that an extraordinary general meeting (EGM) to obtain approval from its unitholders for the reverse takeover arrangement has yet to materialise,

This was due to transaction processes taking a longer time than originally envisaged, said the REIT then.

There has also been no updates from the Saizen in its announcement on 1 February, as to whether there has been any progress in plans to hold this EGM.

“The manager will make relevant announcements when appropriate to keep unitholders updated of any significant developments”, said the REIT briefly its announcement.

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