Suntec – BT

SINGAPORE – Suntec Real Estate Investment Trust , which owns most of Singapore's Suntec City complex, said on Monday it planned to raise around $429 million (US$325 million) via a private placement of new units.

Suntec will issue 310.7 million to 320 million new units at between $1.34 and $1.38 per unit, Suntec's manager said in a disclosure to the Singapore Exchange.

Suntec obtained shareholder approval on Nov 26 to buy a one-third stake in Marina Bay Financial Centre Towers 1 and 2 along with the mall and 695 car park lots from a firm linked to Hong Kong's Cheung Kong and Hutchison Whampoa.

In October, Suntec announced that it would buy the stake for $1.5 billion.

The company has hired Citigroup, DBS Bank and Standard Chartered to act as joint financial advisers, underwriters and bookrunners for the placement.

ARA, the manager of Suntec Reit, is 15.6 per cent owned by Cheung Kong Investment Company Ltd, an entity controlled by Hong Kong billionaire Li Ka-Shing. — REUTERS