Shun Tak acquires Perennial stake in TripleOne Somerset
The acquisition is worth S$155.1million (US$10million) to Shun Tak’s casino mogul founder, Stanley Ho.
Singapore.- Shun Tak Holdings has acquired a 30 per cent stake in TripleOne Somerset in Singapore previously held by Perennial.
The acquisition is worth S$155.1million (US$10million) to Shun Tak’s casino mogul founder, Stanley Ho.
Ho, who owns 19 casinos in Macau, is still active in the business community throughout the Asia Pacific region despite being 98 years of age.
Perennial has said that the transaction is in line with its “active capital recycling strategy to rebalance its portfolio, enhance its financial flexibility and maximise its returns to shareholders”.
The real estate player stands to net a pre-tax gain of about S$25million from the deal.
The transaction is expected to be completed on May 31 or the date falling five business days from the date on which all condition precedents are satisfied.
