Cuscaden Scheme acquires MAS, IMDA regulatory nod
This moves the consortium closer to the takeover of SPH.
Cuscaden Peak Pte. Ltd. revealed that it has acquired regulatory approvals from both the Monetary Authority of Singapore and the Info-Communications Media Development Authority.
Cuscadean said that the regulatory approvals mean the following:
- Approval from the Monetary Authority of Singapore necessary for a change in control of the SPH REIT Manager and the acquisition of effective control of KBS US PrimeProperty Management Pte. Ltd. arising from the Cuscaden Scheme; and
- Approval from the Info-Communications Media Development Authority in connection with the acquisition by Cuscaden of an indirect interest in M1 Limited pursuant to the Cuscaden Scheme.
Clearance from the Foreign Investment Review Board under the Australian Foreign Acquisitions and Takeovers Act 1975 remains outstanding as of the announcement.
“The approvals received take us closer to fulfilling all conditions to the Cuscaden Scheme. With these regulatory approvals received, Cuscaden only has FIRB approval outstanding in respect of the regulatory approvals to be obtained by it, and we remain on track for an indicative transaction completion by February 2022. We will continue to work expeditiously with SPH towards advancing the Cuscaden Scheme for its shareholders to vote on,” said Christopher Limn, Group Executive Director of Hotel Properties Limited and spokesperson for Cuscaden.