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AG Trust reallocates units in IPO, grants more to Japan investors

Accordia Golf Trust has reallocated some of the units offered under its IPO - offering more units to investors in Japan. AG Trust is Singapore's biggest IPO so far this year, raising almost S$759 million.

SINGAPORE: Accordia Golf Trust has reallocated some of the units offered under its IPO - offering more units to investors in Japan. AG Trust is Singapore's biggest IPO so far this year, raising almost S$759 million.

Under the IPO, AG Trust offered a total of 782,025,000 units. Out of these, 164,592,000 units were offered by way of an international placement to investors, including institutional and other investors in Singapore, 41,163,000 units were offered by way of an offering to the public in Singapore, and 576,270,000 units offered by way of a public offering without listing in Japan.

AG Trust says it has decided to reallocate 70,456,000 units from the Singapore Public Offering and the Placement to satisfy the strong indications of interest pursuant to the Japanese Public Offering. For the units under the Singapore public offering, a total of 28,839,000 units were allocated to all applicants who submitted valid applications. This works out to the Singapore public offering being approximately 0.7 times subscribed.

AG Trust has 89 golf courses in Japan. The business trust is sponsored by Japan-based golf course operator Accordia Golf, which is listed on the Tokyo Stock Exchange. It is expected to make its trading debut on Friday (August 1).

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