BUILDING LANDMARKS, CHARTING GROWTH
211
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
4 ACQUISITIONS
(A) Initial acquisition
On 10 October 2014, the Company obtained shareholders’ approvals on the resolutions for the following,
inter alia
:
• the acquisition of equity interests in certain real estate assets (“Target Assets”) and management businesses
from the vendors;
• the disposal of the entertainment business in the Company in its entirety to NewCo via a capital reduction and
the distribution in specie of NewCo shares to the shareholders of the Company prior to the completion of the
acquisition; and
• the share consolidation on the basis of 50 shares to one consolidated share (“Share Consolidation”).
The equity interest acquired are:
• interests ranging from 20% to 51% in integrated real estate development projects located in Beijing, Chengdu,
Xi’an and Zhuhai in the People’s Republic of China (“PRC”);
• interests ranging from 1.46% to 51.61% in real estate projects located in Singapore, being CHIJMES,
TripleOne Somerset, Capitol Singapore, House of Tan Yeok Nee, Chinatown Point and 112 Katong;
• approximately 28.03% interest in Perennial China Retail Trust (“PCRT”);
• management businesses; and
• other entities, including an entity with investments into a proposed development project in Myanmar.
On 27 October 2014, the Company completed the acquisition of all the above equity interests, save for the followings:
• Beijing Tongzhou Integrated Development Phase 1;
• Beijing Tongzhou Integrated Development Phase 2; and
• 51% of Perennial Real Estate Pte. Ltd.
Acquisition of Beijing Tongzhou Integrated Development Phase 1 and Beijing Tongzhou Integrated Development
Phase 2 were completed on 10 April 2015 upon obtaining the land use rights certificate issued by the PRC
government for the land plots held by the investees.
On 27 October 2014, the Company announced a voluntary conditional general offer for all the issued units of PCRT,
other than those already owned, controlled or agreed to be acquired by the Company, its related corporations and
their respective nominees.
At the close of the offer on 22 December 2014, the Company together with parties acting in concert with the Company,
owned, controlled, acquired or agreed to acquire approximately 96.32% of the issued units in PCRT. Accordingly,
the Company exercised its right of compulsory acquisition to acquire all the remaining units of PCRT. The compulsory
acquisition was completed on 3 February 2015 and PCRT was consequently delisted on 5 February 2015.
The acquisition is to preserve and enhance shareholders’ value by transforming the Group into an integrated real estate
owner, developer and manager.
