ARA Prices $277m S'pore IPO At Top End

Source : The Business Times, October 26, 2007

Real estate firm ARA Asset Management has priced its $277 million (US$190 million) Singapore initial public offering at $1.15 per share, the top end of its indicative price range.

The firm, partly owned by Hong Kong tycoon Li Ka-shing's flagship group Cheung Kong (Holdings), sold 243 million new and vendor shares, according to its prospectus on Friday.

It said it would use proceeds from the public share sale as seed capital for an Asian investment fund as well as real estate investment trusts (Reits).

ARA manages Suntec Reit and Fortune Reit in Singapore as well as Prosperity Reit in Hong Kong and AmFIRST Reit in Malaysia.

Credit Suisse and DBS Group are lead managers for the public offer. -- REUTERS