Sime Darby's reverse take over of Saizen REIT aborted

PETALING JAYA: Sime Darby Bhd's plan to reverse take over Singapore-listed Saizen Real Estate Investment Trust (Saizen REIT) has been called off.
The conglomerate told Bursa Malaysia that it is not possible to complete the transaction process by the long stop date of March 31, 2017, hence it decided not to proceed with the deal after the discussions between Sime Darby Property Singapore Ltd (SDPSL) and Japan Residential Assets Manager Ltd (JRAM).
Recall that Sime Darby announced in last August its plan to inject industrial assets in Australia into Saizen REIT, in a transaction that will see the group taking over the latter.