Fortune REIT is seeking shareholders mandate to buy-back an unspecified number of units listed on the Stock Exchange of Hong Kong (SEHK), and the Singapore Exchange (SGX).

The mandate for a buy-back will be sought at an annual general meeting (AGM), and if granted, will last for about a year until the next AGM.

The number of units that may be bought back will be up to 10% of the total number of units in issue as at the date of the AGM.

Pursuant to the REIT’s listing status on the SGX as a secondary listing, Fortune REIT will also have to ensure that there are at least 500 unitholders worldwide, after any buy-back transactions.

The AGM for Fortune REIT will be held on 27 April in Singapore.

Units of Fortune are currently listed on the SGX at HKD8.74, and on the SEHK at HKD8.78.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.