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Saizen REIT extends long-stop date for proposed reverse takeover

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Saizen REIT extends long-stop date for proposed reverse takeover

Saizen Real Estate Investment Trust has amended the long-stop date for Sime Darby Property Singapore Ltd.'s proposed reverse takeover of the REIT.

The REIT signed a supplementary deal with Sime Darby Property Singapore Ltd., Sime Darby Eastern Investments Pte. Ltd. and Sime REIT Australia's trustee, Perpetual Corporate Trust Ltd., to extend the date to March 31 from Jan. 31.

Still, the amended date provides no guarantee that the reverse takeover will take place and it is advised that unit holders and future investors take caution in the dealing or trading their units in Saizen REIT.

Saizen previously said that the transaction could have been terminated if precedent conditions were not waived or satisfied by Jan. 31.

The company has postponed an extraordinary general meeting that was scheduled to occur by Dec. 31, 2016, to request for unit holders' approval, but as of Jan. 16, the meeting has not taken place.