Meranti, a subsidiary of Mapletree Investments, has sold 296.6 million units in Mapletree Logistics Trust M44U (MLT) to Aranda Investments for $412 million or $1.389 apiece.
The off-market transaction took place on March 28, when Meranti entered into a unit sale and purchase agreement (SPA) to sell part of its stake to Aranda Investments.
The SPA is unconditional.
Mapletree Investments is the holding company of Meranti while Aranda is a wholly-owned subsidiary of Seletar Investments. Seletar Investments is, in turn, a wholly-owned subsidiary of Temasek Capital.
After the sale, which was completed on the same day, Meranti has ceased to become a substantial unitholder of MLT, reducing its stake from 7.68% to 1.74% after the sale.
Accordingly, Aranda has become a substantial unitholder of MLT having crossed the 5% mark. After the sale, Aranda now has a 5.93% stake in MLT.
See also: Cortina's Lim family raises stake via married deal at $2.90 each
Units in MLT closed 2 cents higher or 1.37% up at $1.48 on April 1.
