Volare Group (the offeror), a Swiss entity that took a 5% stake in Sabana REIT in 2022, is making a partial offer for 10% of Sabana REIT at 46.5 cents to its unitholders other than those already owned, controlled or agreed to be acquired by the offeror or any party acting in concert with it. The announcement on Jan 20 says that Volare has received consent from the Securities Industries Council to make the partial offer on Dec 12, 2022.
The announcement says "(i) the offeror which holds 59,493,226 units, representing approximately 5.4% of the issued units of the offeree; (ii) Quarz Capital Asia which has a deemed interest in 142,531,628 units representing approximately 13.0% of the issued units of the offeree; and (iii) ESR Cayman which holds 12,524,228 units and has a deemed interest in 214,299,143 Units, representing approximately 1.2% and 20.0% of the issued Units of the offeree respectively."
According to Bloomberg, Sabana REIT's largest unitholders are ESR Group with a 19% stake, Quarz Capital with an 11% stake, Volare Group at 4.96%, UBS with a 4.8% stake and BlackRock at 4.78%.
The Jan 20 announcement says the Volare Group is a company incorporated in Switzerland on October 7, 1975. It has several lines of business. A subsidiary Oel-Pool AG is one of Switzerland’s leading suppliers of fossil fuels. Oel-Pool AG and its subsidiary Moveri AG operate over 700 petrol stations under various brands.
Another of the Offeror’s subsidiaries, Soft Car Wash AG and its subsidiaries, provide vehicle care, both with self-service jet machines and car washes.
Further business lines include wood production and trade, furniture manufacturing, trading with bituminous material, construction services, road repair services, as well as investments in real estate and real estate companies.
Volare Group's board of directors comprise of: (i) Daniel Sieber (Director and President of the Board of Directors), (ii) Duttwiler Konrad (Director), (iii) Ramon Werner (Director), and (iv) El Kamel, Nora (Director).
Units in Sabana REIT closed 0.5 cent higher or 1.19% up at 42.5 cents on Jan 20, and it will announce FY2022 results on Jan 26.
