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2007-3-13 07:12:00 p.m. HKT, XFNA
HK's Regal REIT to offer 896 mln units at 2.68-3.38 hkd in HK IPO - term sheet
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HONG KONG (XFN-ASIA) - Regal REIT, a spin-off of Regal Hotels
International Holdings, plans to offer 896 mln units at 2.68-3.38 hkd each in
an initial public offering (IPO) in Hong Kong, according to its term sheet.
Regal REIT is expected to raise up to 3.03 bln hkd from the IPO, far
lower than the originally planned 5.9 bln hkd in November.
The REIT is expected to post distribution yield of 5.8-7.5 pct in 2007.
Of the total units to be offered, 95 pct will be allocated to
international and institutional investors, and the remaining 5 pct will be
offered to retail investors.
A roadshow for the IPO will commence tomorrow, with trading of the REIT
units expected to start on March 30.
Regal Hotels said earlier it will inject five hotels, namely Regal
Airport Hotel, Regal Hongkong Hotel, Regal Kowloon Hotel, Regal Oriental
Hotel and Regal Riverside Hotel, which have a total of 3,348 rooms and more
than 30 food and beverage outlets, into the Regal REIT for not less than 14
bln hkd.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/net xfnrl/xfnnt
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