Accordia Golf Trust
Posted: Tue Jul 01, 2014 10:07 amnot vested
SINGAPORE — Japan’s Accordia Golf is looking to list its golf course assets in Singapore using the business trust model, aiming to raise as much as S$782 million, its prospectus showed.
The first business trust in Asia to contain golf courses, Accordia Golf Trust’s initial public offering will sell 782 million units at an indicative price range of between S$0.97 and S$1 a unit.
Accordia Golf forecasts an annual yield excluding some items of 6.8 per cent to 7 per cent for the financial year ending March next year, the prospectus said.
The plans come as Singapore’s IPO market is witnessing its slowest start since the first half of 2012, managing to list just six companies from January to June 20. This is fewer than Thailand and Bangladesh, which have had nine each, and far behind Hong Kong, which has had 30, showed Thomson Reuters data.
First-time share sales in Singapore have raised US$686 million (S$856 million) this year, down from US$3 billion during the same period last year, data compiled by Bloomberg showed.
The trust will acquire 89 golf courses from Tokyo-based Accordia Golf, the prospectus said. It plans to price the offering on July 24 and start trading on Aug 1.
http://www.todayonline.com/business/fore...-trust-ipo
SINGAPORE — Japan’s Accordia Golf is looking to list its golf course assets in Singapore using the business trust model, aiming to raise as much as S$782 million, its prospectus showed.
The first business trust in Asia to contain golf courses, Accordia Golf Trust’s initial public offering will sell 782 million units at an indicative price range of between S$0.97 and S$1 a unit.
Accordia Golf forecasts an annual yield excluding some items of 6.8 per cent to 7 per cent for the financial year ending March next year, the prospectus said.
The plans come as Singapore’s IPO market is witnessing its slowest start since the first half of 2012, managing to list just six companies from January to June 20. This is fewer than Thailand and Bangladesh, which have had nine each, and far behind Hong Kong, which has had 30, showed Thomson Reuters data.
First-time share sales in Singapore have raised US$686 million (S$856 million) this year, down from US$3 billion during the same period last year, data compiled by Bloomberg showed.
The trust will acquire 89 golf courses from Tokyo-based Accordia Golf, the prospectus said. It plans to price the offering on July 24 and start trading on Aug 1.
http://www.todayonline.com/business/fore...-trust-ipo