China Real Estate Opportunities (CREO) announced on Monday that its shareholders have backed moving the company's listing from the Alternative Investment Market (AIM) in London to Singapore. CREO's listing on AIM will now be cancelled and shareholders will receive five units in Treasury China Trust (TCT) for each CREO share held.
China Real Estate Opportunities (CREO) announced on Monday that its shareholders have backed moving the company's listing from the Alternative Investment Market (AIM) in London to Singapore. CREO's listing on AIM will now be cancelled and shareholders will receive five units in Treasury China Trust (TCT) for each CREO share held.
Subject to final court approval TCT will list on the main board of the Singapore Stock Exchange as a business trust on 21 June.
Ray Horney, CREO chairman said: 'We are delighted that shareholders have overwhelmingly approved the Singapore listing and that so many will stay with us as investors in Treasury China Trust. While AIM has been a good home for us, we believe that moving the listing location closer to our assets and introducing a broader shareholder base over time, will potentially unlock shareholder value and is the right next step for the business'.
CREO was listed on the AIM market in London in July 2007, having successfully raised £259 mln. CREO's principal objective, drawing on Treasury Holding's local market knowledge, is to maximise capital growth from a portfolio of properties in China. At end-December 2009, CREO's portfolio was valued at CNY 9.19 bn (now EUR 1.1 bn).
