VIBRANT Group on Friday night addressed queries from Singapore Exchange Securities Trading regarding its May 22 announcement that it was selling units in Sabana Shari’ah Compliant Industrial Real Estate Investment Trust and its stake in Sabana Investment Partners , which owns the Reit's manager.
Executed across three different sale and purchase agreements, the deal is worth S$62.2 million in net proceeds for Vibrant. In response to SGX-ST's queries, Vibrant said on Friday that the aggregate consideration for the transactions was arrived at on a willing-buyer, willing-seller basis after arm's length negotiations.
The net asset value of the sale shares in SIP is S$4.28 million, based on the adjusted unaudited consolidated accounts of SIP for the third quarter ended 31 January 2019. The total consideration for that transaction is S$20.46 million for Vibrant's 51 per cent stake and an adjustment sum of about S$1.35 million, representing about 4.2 per cent of the total assets of Sabana Reit as at March 31, 2019.This is above the median value of 4.