SHARES IN Treasury China Trust (TCT), the Singapore-listed commercial property developer in which Irish businessmen Richard Barrett and Johnny Ronan are significant shareholders, were suspended yesterday.
It is understood this followed an article in The Irish Times giving details of the financial terms around the sale of two subsidiaries of Dublin-based Treasury Holdings that provide management and other services to TCT.
TCT said a statement on the suspension would be issued over the weekend. This is expected to provide financial details around the sale of the Treasury subsidiaries.
Earlier this week Treasury Holdings sold two subsidiaries to a Jersey-based company called Oriental Management Services Ltd, which is owned by Mr Barrett. The companies are Treasury Holdings Real Estate Pte Ltd, and Treasury Holdings (Shanghai) Property Management Co Ltd. These provide services to TCT’s commercial property portfolio in China.
The deals were announced to the Singapore stock exchange but no financial details were provided.
Yesterday The Irish Times revealed Mr Barrett paid €2.263 million in cash for the businesses. Mr Barrett also gave details about how the businesses were valued.
He said the deals were completed in haste this week because of concerns that Treasury Holdings could have been wound up on Tuesday in the High Court on foot of a legal action by KBC Bank Ireland. He said it could have had “catastrophic” consequences for TCT, of which he is chairman and owns about 12 per cent.
After the sales, Nama joined KBC in its winding-up action against Treasury Holdings, which has been adjourned until October.
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