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RHB recommends Suntec Reit unit holders reject $1.16 per unit cash offer
The Straits Times
|December 07, 2024
RHB has recommended for unit holders of Suntec Real Estate Investment Trust (Reit) to reject the mandatory conditional cash offer for its units.
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Property tycoon Gordon Tang and his wife Celine on Dec 5 launched an offer to acquire all the units of Suntec Reit at $1.16 per unit in cash.
RHB believes the offer price "severely undervalues the Reit, as it reflects a 44 per cent discount to its net asset value of $2.07".
It is also below the research house's target price of $1.35 on the counter.
But RHB said in a note on Dec 6 that the offer price will set a share price floor at current levels.
This story is from the December 07, 2024 edition of The Straits Times.
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