Japan's Accordia Golf planning up to $800 mln business trust in Singapore-IFR
SINGAPORE, April 22
SINGAPORE, April 22 (Reuters) - Japan's Accordia Golf Co Ltd is planning an S$800 million to S$1 billion ($800 million) business trust IPO of its golf assets on the Singapore Exchange, IFR reported on Tuesday.
This is understood to be the first business trust in Asia to contain golf courses.
Japan-listed Accordia Golf had earlier announced that it plans to sell 90 out of its 133 golf courses to a business trust and list it by August.
Accordia Golf will own at least 25 percent of the business trust while the cash flow from the golf operations will be distributed to shareholders of the trust.
The company is now seeking regulatory approval in Singapore for the business trust.
Accordia Golf was not immediately available to comment.
Citigroup and Daiwa are banks working on the IPO, IFR said.
($1 = 1.2507 Singapore Dollars) (Reporting by S. Anuradha of IFR; Editing by Himani Sarkar)