Last November, SingHaiyi sold three million stapled securities for A$3.96 million, or A$1.2935 apiece, to an undisclosed buyer.
Singapore-based fund manager ARA, which is Cromwell's largest shareholder, launched a takeover bid for the real estate group in June - offering to buy 29 of every 100 stapled securities that it did not already own, at A$0.90 each. SingHaiyi shares closed up by 0.1 Singapore cent, or 1.39 per cent, to 7.3 Singapore cents on Monday, before the latest announcement.
Cromwell is the sponsor of Singapore-listed Cromwell European Reit, which ended at 0.46 euro on Monday, down by 3.16 per cent. The management of Cromwell had previously accused ARA of being associated with SingHaiyi's controlling Tang family, but the Australian Takeovers Panel rejected an application to declare that the two parties had an association, said earlier press reports.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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