Archive for category: Misc

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Knight Frank Asia Pacific, a subsidiary of Knight Frank LLP, has announced its acquisition of the remaining 55% stake in Knight Frank Singapore (KFSG) from Singapore-listed AF Global for $36.89 million. This deal, which was announced to the Singapore Exchange (SGX) on October 8, sees AF Global selling its shares in KFSG, which represent a 55% stake in the company, to Knight Frank Asia Pacific, which already holds the remaining 45% stake in KFSG.

According to the announcement, AF Global has signed a non-binding head of terms with Knight Frank, giving them exclusivity to conduct due diligence and evaluate the sale. However, the deal is subject to satisfactory results from the due diligence process. Knight Frank has also paid an exclusivity fee of $150,000 as part of the head of terms.

KFSG is a well-respected real estate consultancy firm in Singapore, and a leader in the industry. It has subsidiaries such as Knight Frank Property & Facilities Management and KF Property Network, which offer a full range of services including leasing, auctions, investment sales, retail planning and consultancy, office advisory, property asset management, valuation and consultancy, research, and overseas development marketing.

Based on unaudited consolidated financial statements for the first six months of this year, the book value and net tangible asset value of the sale shares are approximately $33.326 million. AF Global is expected to recognize a gain of approximately $3.435 million from the disposal, after accounting for costs and expenses.

The reason behind the proposed disposal, according to AF Global, is to exit a legacy investment that is not part of the company’s main business in hospitality. AF Global currently operates a hotel in Thailand and serviced residences in Vietnam and Laos. Furthermore, despite holding a majority 55% stake in KFSG, AF Global is not involved in the company’s operations, which are run independently by their own management.

The announcement by AF Global coincides with a separate proposal to take the company private. A consortium led by Aspial and JK Global Investment, owned by Fragrance Group chairman and CEO Koh Wee Meng, has made a bid to acquire all of AF Global’s shares at 11 cents apiece through a scheme of arrangement. If approved, the consortium plans to delist AF Global.

In another separate announcement to the SGX, AF Global says the proposed privatisation will allow the consortium and AF Global’s management to have more flexibility in managing the business and maximizing capital resources, without the costs and regulations that come with a listing on the SGX. Aspial currently owns a 41.75% stake in AF Global, while Koh owns 30.91%.