CitySpring Infrastructure Trust (CIT) Monday announced that it has completed the acquisition of all the assets and liabilities of Keppel Infrastructure Trust (KIT) for a consideration of 1.33 billion CIT units at S$0.496 apiece.
CIT has also been renamed as Keppel Infrastructure Trust. Keppel Infrastructure Fund Management will be the trustee-manager of the enlarged trust.
In a subsequent disclosure to the Singapore exchange, CitySpring Infrastructure said: Unitholders of Keppel Infrastructure Trust are to note that the resumption of trading of the units in Keppel Infrastructure Trust (formerly known as “CitySpring Infrastructure Trust”) on SGX-ST will take place with effect from 8.30 a.m. on 19 May 2015.”
In November 2014, Keppel Infrastructure Trust and CitySpring Infrastructure Trust had announced the merger to create Singapore’s second-largest business trust. The deal saw each KIT unitholder receiving 2.106 new CIT units for every KIT unit held.
The swap ratio had been arrived at based on the market capitalisations of the two companies – S$658 million of KIT and S$753 million of CIT – based on their units’ respective volume weighted average prices for the 180-day period ended on 13 November 2014. In addition, KIT had today agreed to acquire a 51% stake in Keppel Merlimau Cogen Pte Ltd (KMC),which will form an integral part of the combination.