Dual-listed Fortune Reit to delist from SGX mainboard

HONG Kong and Singapore dual-listed Fortune Reit will delist from the mainboard of the Singapore Exchange , citing administrative overheads, costs of compliance and low trading volume in Singapore as some reasons for the move.SGX has advised that it has no objection to the delisting, subject to conditions like Fortune Reit bearing costs like fees for the unit transfer process and a three-month notice period before the delisting date, it said in a Wednesday bourse filing in Singapore.

It added that there has been a"continuous migration of unitholders from Singapore to Hong Kong" since the December 2015 conversion. ARA Asset Management said it believes that consolidating trading in Hong Kong will increase liquidity and improve the effectiveness of any future capital-raising activities.

The manager added:"Fortune Reit's primary listing on the HKSE is sufficient to meet its future debt and equity fundraising requirements to meet its operational needs and future development."

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