MYP breaks down funding sources for Straits Trading Building acquisition

SINGAPORE (Oct 14): MYP will fund the $560 million acquisition of The Straits Trading Building from three sources.

$364 million or 65% of the consideration will be funded using bank financing, $188.2 million or 33.6% will be funded using net proceeds from the rights issue if fully subscribed while $7.8 million or 1.4% will come from internal resources.

On June 1, investment holding company MYP announced the proposed $560 million acquisition of Straits Trading Building – a 28-storey, 999-year leasehold Grade A CBD office building – from Sun Venture Group.

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