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ESR-REIT, Viva Industrial shareholders vote in favor of merger

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According to Market Intelligence, December 2022

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ESR-REIT, Viva Industrial shareholders vote in favor of merger

ESR-REIT and Viva Industrial Trust shareholders approved the merger between the two companies, taking the plan to create the fourth-largest industrial real estate investment trust in Singapore a step closer to completion.

At ESR-REIT's meeting, approximately 94.2% of the total votes cast, or 295,119,941 of the total 313,173,659 units, approved the takeover, while 18,053,718 units, or 5.8%, of the total units counted were voted against the resolution.

At Viva Industrial's scheme meeting, 160,048,685 units, or 97.22%, of the 164,619,385 units represented at the meeting, were voted in favor of the merger by 353, or 88.47%, of the 399 stapled-security holders voting.

All of the other related resolutions to effect the merger were also approved at the separate Aug. 31 meetings.

ESR expects the merger scheme to be completed by October, after a court hearing slated for Sept. 19. The implementation of the proposal is expected Oct. 3 and Viva Industrial will delist from the Singapore Stock Exchange on Oct. 8.

As of Aug. 31, US$1 was equivalent to S$1.37.