DJ Singapore Press Holdings Prices REIT IPO at S$0.90/Unit

SINGAPORE--Singapore Press Holdings Ltd. (T39.SG), the city-state's largest publishing company, has priced the initial public offering of its retail-focused real-estate investment trust at 90 Singapore cents (US$0.71) per unit, the top of an indicative range, setting the stage for an up to S$554 million flotation. SPH REIT is offering about 308.9 million units to institutional and retail investors, excluding an over-allotment option, ahead of its planned July 24 listing on the Singapore Exchange, according to its prospectus filed Wednesday to the city's central bank. The public offering, comprising nearly 84 million units, starts Wednesday evening and closes on Monday. The trust, which will buy two shopping malls from its sponsor for its initial portfolio, had earlier set an indicative price range of S$0.85-S$0.90 per unit. SPH has already secured five cornerstone investors who have agreed to subscribe to 251 million units. Cornerstone investors generally agree to subscribe and hold on to shares, expressing confidence in the company. The IPO, if successful, will be the first major flotation in Singapore since April, when Asian Pay Television Trust listed its Taiwan broadband communications business through a US$1 billion offering. Source : Dow Jones Newswires