SINGAPORE: Aelios Pte. Ltd., through its joint financial advisers United Overseas Bank Limited and DBS Bank Ltd., has announced a series of critical updates in its ongoing mandatory conditional cash offer to acquire all issued and outstanding units of Suntec Real Estate Investment Trust (Suntec REIT) not already owned or controlled by the company and its concert parties. The developments are part of a significant strategic push that could have material implications for Suntec REIT shareholders and the broader market.

Key Updates and Revised Offer Details

• The offer price has been revised to S\$1.1743 per unit, adjusted after accounting for a distribution payment by Suntec REIT of 1.570 cents per unit for the period from October 1, 2024, to December 31, 2024.
• The current offer price reflects a reduction from the previously announced price of S\$1.19 per unit, as per the announcement on January 8, 2025.
• As of February 5, 2025, Aelios Pte. Ltd. has acquired an additional 40,000,000 units via married trades, representing approximately 1.36% of the total issued units of Suntec REIT.
• The acquisition brings Aelios Pte. Ltd.’s total ownership to 162,502,500 units, representing 5.54% of the total issued units. Including concert parties, the aggregate ownership now stands at 1,040,793,251 units, or 35.47% of the total issued units.

Critical Conditions for Shareholders

Shareholders should note that the offer remains conditional upon the Minimum Acceptance Condition. Aelios Pte. Ltd. must receive valid acceptances that, together with the units it and its concert parties own or control, exceed 50% of the total voting rights by the close of the offer.

The closing date for the offer is set at 5:30 PM (Singapore time) on February 7, 2025. If the Minimum Acceptance Condition is not met, the offer will lapse, and all units tendered in acceptance will be returned to shareholders. This condition introduces a significant variable that could influence shareholder decision-making and impact Suntec REIT’s unit price in the short term.

Strategic Implications and Market Sensitivity

The announcement emphasizes that the Offeror does not intend to increase the revised offer price unless a competitive situation arises. This statement suggests limited upward flexibility in the offer price, potentially influencing shareholder expectations and market sentiment.

Given the scale of the acquisition and the strategic nature of the transaction, market analysts are likely to monitor closely whether the Minimum Acceptance Condition is met. The outcome could significantly impact Suntec REIT’s unit price and investor confidence.

Responsibility Statement and Forward-Looking Risks

The directors of Aelios Pte. Ltd. have affirmed their responsibility for the accuracy of the facts and opinions stated in the announcement. However, shareholders and investors are cautioned about the risks associated with forward-looking statements, which are subject to uncertainties and may not guarantee future outcomes.