China Real Estate Opportunities (CREO), which is 35 per cent controlled by Treasury Holdings, is to move to the main board of Singapore’s stock exchange from London’s AIM.
The move has been approved by the company’s shareholders yesterday. All of the company’s assets are in China and it is hoping that moving the company closer to its asset base will cause the share price to sit closer to its net asset value.
CREO shares to the AIM will be cancelled and shareholders will receive five units in Treasury China Trust (TCT) for each one CREO share held, the company said.
Subject to final approval, TCT will list on the main board of the Singapore Stock Exchange as a business trust on June 21st. One hundred per cent of shareholders voted in favour.
It is normal for companies on the Singapore exchange to trade as business trusts. The company is to pay a dividend for the first time, with an estimated yield of 4.6 per cent.
Chief executive officer Ray Horney said he was delighted the shareholders had approved the move and so many had opted to stay with the company.
