Suntec Reit units close 4.3% higher after news of strategic review; units worth S$577 million traded
New sponsor Tang Organization is launching a review to boost portfolio performance and future distributions
[SINGAPORE] Suntec Real Estate Investment Trust (Reit) rose 4.3 per cent or S$0.06 to close at S$1.46 on Thursday (Mar 19), after heavy trading on the back of an announcement that its new sponsor, Tang Organization, plans to undertake a comprehensive strategic review of the trust’s portfolio.
By the close of trading, 343.3 million units worth S$577.7 million had changed hands. It was the day’s most actively traded stock both in terms of volume and value on the Singapore Exchange.
A block trade of 318 million units, representing over 10 per cent of the Reit’s total units in issue, were traded before the opening bell at S$1.70 apiece.
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