Singapore Press Holdings (SPH) shareholders gave an emphatic green light on Tuesday for the media group to put its retail malls into a real estate investment trust (REIT), according to the online version of the Straits Times.
Shareholders voted overwhelmingly in favour of the proposed deal at an extraordinary general meeting, with 99.79% of those present and voting, in favour.
SPH chairman Lee Boon Yang reportedly said the transaction will offer shareholders "the best of both worlds", as SPH is set to retain a 70% stake in the Reit post-listing. This will allow SPH shareholders to continue to benefit from the group's majority ownership of these quality properties through new revenue streams.
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