Brookvale, a firm linked to Malaysian tycoon Robert Kuok, on Monday offered to take Singapore property firm Allgreen (AGRN.SI) private in a transaction that values the property firm at $2.54 billion.

 

Brookvale will pay $1.60 per Allgreen share, or 39% more than Allgreen’s last traded price of $1.15 on Friday. The offer price is also about 20% above Allgreen’s highest traded price in the past three years.

Firms linked to the Kuok family that together hold 55.58% of Allgreen have already agreed to sell their shares to Brookvale. It is not clear how much would it cost for the Kuok Group to take Allgreen private because of the complex shareholding. 

 

Allgreen halted trading in its shares on Monday.

 

“The offerer believes that the privatisation of Allgreen will provide Allgreen with the necessary management flexibility to explore alternative opportunties... without the attendant costs, regulations and regulatory restrictions and compliance issues associated with its listed status,” Brookvale said in a filing to the Singapore Exchange.

 

The Kuok family owns several large businesses across Asia including Singapore-listed Wilmar International (WLIL.SI), the world’s largest palm oil firm, and Hong Kong-listed Kerry Properties (0683.HK) and Shangri-la Asia (0069.HK).

 

DBS (DBSM.SI) is the financial advisor to Brookvale. 

Brookvale, a firm linked to Malaysian tycoon Robert Kuok, on Monday offered to take Singapore property firm Allgreen (AGRN.SI) private in a transaction that values the property firm at $2.54 billion.

 

Brookvale will pay $1.60 per Allgreen share, or 39% more than Allgreen’s last traded price of $1.15 on Friday. The offer price is also about 20% above Allgreen’s highest traded price in the past three years.

Firms linked to the Kuok family that together hold 55.58% of Allgreen have already agreed to sell their shares to Brookvale. It is not clear how much would it cost for the Kuok Group to take Allgreen private because of the complex shareholding. 

 

Allgreen halted trading in its shares on Monday.

 

“The offerer believes that the privatisation of Allgreen will provide Allgreen with the necessary management flexibility to explore alternative opportunties... without the attendant costs, regulations and regulatory restrictions and compliance issues associated with its listed status,” Brookvale said in a filing to the Singapore Exchange.

 

The Kuok family owns several large businesses across Asia including Singapore-listed Wilmar International (WLIL.SI), the world’s largest palm oil firm, and Hong Kong-listed Kerry Properties (0683.HK) and Shangri-la Asia (0069.HK).

 

DBS (DBSM.SI) is the financial advisor to Brookvale.