by Ernie B. Calucag
Units of SGX-listed Ascendas Real Estate Investment Trust fell as much as 4.6 per cent on Friday after the company announced a private placement of 150 million new units on Thursday.
Units of Ascendas REIT, which owns industrial properties, reached intraday low of S$2.00 on Friday before closing at S$2.01 each, 3.8 per cent lower than S$2.09 last Wednesday. Trading of the REIT’s unit was suspended on Thursday.
Ascendas REIT on Thursday said it has priced a private placement at S$1.99 per new unit, at the lower end of its S$1.99-S$2.04 indicative range.
The REIT said it expects to raise gross proceeds of around S$298.5 million, which will be used for various purposes including construction costs in Singapore and the forward purchase of a business property in China.
Citigroup and JPMorgan are joint lead managers and underwriters for the placement.
Meanwhile, the Straits Times Index dropped 0.3 per cent to 2,990.59 at Friday closing, paring this week’s advance to 0.3 per cent. Two shares fell for each that rose on the 30-member gauge.