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Accordia Golf Trust to list on SGX

Japan's Accordia Golf Trust (AG Trust) to tee off initial public offering in Singapore on July 22.

SINGAPORE: Japan's Accordia Golf Trust (AG Trust) is planning to list on the Main Board of the Singapore Exchange (SGX), said a preliminary prospectus they lodged on Monday (June 30) with the Monetary Authority of Singapore.

It will become the first business trust to be involved with golf courses.

AG Trust is preparing to sell a total of 782.025 million units. 164.592 million of the total units will be on international placement, while a 41.163-million-unit public offering would go to Singapore retailers and another 576.270 million units sold to retail investors in Japan.

The management estimates an offering price range of S$0.97 to S$1.00 per unit, and expects to raise between S$682 million and S$704 million. 

The public offer will open on July 22 and the listing date will be on Aug 1.

Funds raised through the offering will be used to partially fund the acquisition of TK Interests, as well as for working capital purposes.

AG Trust is a business trust comprising of investments in golf course assets in Japan, with 89 golf courses on its portfolio.

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