Singapore’s Ascendas announces possible change-of-control redemption

By Marisa Wong

Madison, Wis., Feb. 17 – Ascendas Pte. Ltd. gave notice of a potential change of control under its S$300 million 4¾% perpetual capital securities.

The potential change of control relates to a merger between Temasek and Ascendas’ parent, JTC Corp. that is expected to be completed by the first half of 2015.

If a change of control does occur, Ascendas may redeem the perpetual securities in whole at par plus accrued distributions.

The company said it is considering proposals.

Ascendas is a business space and light industrial real estate investment trust with a diversified portfolio of 17 properties in Singapore. Temasek is an Asia investment company also based in Singapore.

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