St. James Holdings said it has received SGX approval for the listing and quotation of new shares in the company representing 99.27% of the enlarged share capital of the company issued to Perennial Real Estate Holdings and other vendors.
In the reverse takeover deal, Perennial Real Estate will inject its business activities and property assets in China and Singapore valued at $1.56 billion into St. James.
St James will be renamed Perennial Real Estate Holdings Limited (PREHL) and will have net tangible assets of $1.92 billion. PREHL will also be transferred from the Catalist of the SGX to the Mainboard.
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