Knight Frank Buy Back Remaining 55 Stake Knight Frank Singapore Af Global 3689 Mil
Knight Frank Asia Pacific, a subsidiary of Knight Frank LLP, has announced that it will be acquiring the remaining 55% stake in Knight Frank Singapore (KFSG) from Singapore-listed AF Global for $36.89 million. This move will see Knight Frank Asia Pacific, which currently holds a 45% stake in KFSG, take full control of the company.KFSG, one of Singapore’s leading real estate consultancy firms, offers a wide range of services including leasing, auctions, investment sales, retail planning and consultancy, office advisory, property asset management, valuation and consultancy, and research. It also has a team that actively markets overseas developments.According to the announcement made to the Singapore Exchange (SGX) on October 8th, AF Global will be selling its 55% stake in KFSG, which is held through its subsidiary Cheong Hock Chye & Co, to Knight Frank Asia Pacific. The deal is subject to Knight Frank’s satisfactory results from its due diligence, and it has already paid a $150,000 exclusivity fee to secure the deal. The transaction is expected to be completed soon and it will allow Knight Frank Asia Pacific to fully integrate KFSG into its business.In addition to this acquisition, AF Global also announced a proposal to take the company private via a scheme of arrangement. A consortium comprising Aspial and JK Global Investment, owned by Fragrance Group chairman and CEO Koh Wee Meng, is seeking to acquire all of AF Global’s shares for 11 cents apiece. The consortium already owns a combined 72.66% stake in AF Global, and if the scheme is approved, they intend to delist the company from the SGX. According to AF Global, this move will provide the consortium and AF Global’s management with more flexibility to manage its business and optimise capital resources without the costs and regulations associated with being listed on the SGX.
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