Sime Darby clarifies why it aborted Saizen REIT RTO

KUALA LUMPUR (March 14): Sime Darby Bhd clarified yesterday that it could not meet the deadline to complete the reverse takeover (RTO) of Singapore-listed Saizen Real Estate Investment Trust (REIT) because circulars to Saizen REIT’s unitholders were not issued on time.

The circulars to unitholders of Saizen REIT to seek their approval at an extraordinary general meeting to be held on March 31 needed to be issued by March 9 — but were not.

This resulted in the parties’ inability to complete the transaction by the long-stop date of the implementation agreement, which was March 31, it said.

This article first appeared in The Edge Financial Daily, on March 14, 2017.

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