ABI Plaza Office Tower Completed

S$200m Sale Of ABI Plaza Office Tower Completed

SINGAPORE – MYP has completed on Thursday the disposal of ABI Plaza, a 12-storey freehold office tower in 11 Keppel Road, for S$200 million to Artemis Ventures, according to a Singapore Exchange (SGX) filing released on Thursday evening (26 November).

Singapore-listed MYP is a property investment firm controlled by Indonesian business tycoon Tahir’s son, Jonathan Tahir. On the other hand, the buyer is a locally incorporated investment holding firm connected to a private fund managed by CapitaLand Fund Management.

Notably, MYP’s fully-owned unit Grace Shine and Artemis Ventures entered into a conditional sale and purchase agreement (SPA) for the sale on 24 September 2020.

In June of the same year, MYP launched an expression of interest (EOI) exercise to sell the property at an indicative price of over S$280 million. However, sources informed The Business Times that when the EOI exercise closed on 30 July, only several parties submitted offers, and all of them were under S$200 million.

Eventually, a private fund overseen by CapitaLand emerged as the frontrunner with an offer of around S$206 million, and it subsequently carried out an exclusive due diligence.

Early in November, MYP revealed that it has applied for a waiver from SGX so that it won’t need to obtain prior shareholders’ approval for the transaction.

This is because the proposed disposal is time-sensitive. The firm’s controlling stockholder, Jonathan Tahir with a stake of 86.3 percent, also intends to make an irrevocable undertaking to vote in favour of the divestment.

“Pursuant to the waiver granted by the SGX on 29 October 2020, the company will convene an extraordinary general meeting (EGM) to seek the ratification by shareholders within 3 months from the date of grant of the waiver,” stated MYP in its latest SGX filing.

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