Perennial Real Estate completes reverse takeover of St James Holdings

St James is saying goodbye to its entertainment business.

St James Holdings has secured the approval of its shareholders for the reverse takeover by Perennial Real Estate Holdings. Under the deal, Catalist-listed St James will transform into a property developer and Perennial Real Estate Holdings Limited (PREHL) will be transferred to the Mainboard starting the end of October.

St James will be privatizing its existing entertainment business, which has been impacted by challenging business environment and escalating operating costs.

PREHL has a Net Asset Value of about S$1.9 billion, and has prime integrated developments connected to two largest high-speed railway hubs in China. It also has a number of assets in Singapore.

“We are pleased with the strong support at today’s Extraordinary General Meeting for the reverse takeover transaction by Perennial Real Estate Holdings Pte. Ltd. to transform the company into a sizeable real estate developer, owner and manager. Our objective to preserve and enhance Shareholders’ value has been achieved through this restructuring exercise,” said Dennis Foo, Chief Executive Officer of St James Holdings.

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