Morgan Stanley Private Equity to take 59.8% stake in Apac Realty, make mandatory general offer

SINGAPORE (THE BUSINESS TIMES) – Apac Realty, which owns ERA Realty Network in Singapore, is ready to have a brand new majority shareholder.

A fund managed by Morgan Stanley Private Equity Asia (MSPEA) has agreed to purchase a 59.8 per cent stake in the corporate from an entity managed by non-public fairness agency Northstar Group.

The complete consideration for the stake is round $129.5 million – or 61 cents per share – and the offeror additionally intends to make an unconditional mandatory general offer for all of the excellent shares in Apac Realty, apart from these already owned, managed or agreed to be acquired by it, in accordance to the bourse submitting on Monday (April 25).

The general offer can be in compliance with the necessities of the Singapore Code on Takeovers and Mergers.

The offer worth is 57 cents in money.

Apac Realty shareholders had earlier accepted a last dividend of 4 cents per share for the monetary yr ended Dec 31, 2021, and the submitting famous that the offer worth would have been 61 cents per share, had the offer been open for acceptances earlier than the ex-dividend date for the ultimate dividend.

The 57 cents offer worth represents a reduction of 30.1 per cent to the final traded share worth of 81.5 cents on Friday (April 22). It can also be a 26.8 per cent low cost to the quantity weighted common worth per share of 77.9 cents for the one-month interval prior to and together with April 22.

The offeror’s current intention is to “acquire as many shares as possible under the offer”. In the occasion that the buying and selling of the shares on the Singapore Exchange is suspended due to a lack of free float, the offeror intends to delist the corporate.

Apac Realty has greater than 20,000 advisers throughout 653 places of work in Asia by its ERA franchisee community.

The funding in Apac Realty marks MSPEA’s first funding in the actual property companies sector in South-east Asia.

“Apac Realty is one of a limited number of real estate brokerages with true Asia Pacific brand recognition and footprint,” mentioned MSPEA co-chief funding officer Andrew Hawkyard.

“MSPEA will help to further build on this solid foundation and support APAC Realty’s growth by leveraging our global network and extensive experience of growing businesses across Asia.”

Apac Realty shares closed at 80.5 cents on Monday, down 1.2 per cent earlier than the announcement. The firm requested for a buying and selling halt after the shut of buying and selling on Monday.

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