AF Global secures SGX waiver for $36.9m Knight Frank sale

The sale will generate a $3.43m gain for AF Global.

AF Global Limited’s subsidiary has clinched a waiver to complete the sale of its 55% stake in Knight Frank Pte Ltd without shareholder approval.

The approval — granted by the Singapore Exchange (SGX) under Rule 1014(2) of the listing manual — enables faster completion without convening an extraordinary general meeting, AF Global said in a bourse filing

Valued at about $36.9m, Cheong Hock Chye & Co.’s sale of its interests in Knight Frank is expected to generate a $3.43m gain with minimal impact on AF Global's net tangible assets or earnings.

The divestment completes AF Global’s withdrawal from non-core operations, with hospitality holdings accounting for about 71% of group net asset value post-sale.

SGX granted the waiver after confirming that shareholders representing 72.6% of voting rights had provided irrevocable undertakings to approve the transaction and that disclosure conditions were met.

The waiver accelerates completion ahead of AF Global’s proposed privatisation by AFG Investment Pte Ltd.

Follow the link for more news on

Knight Frank

Knight Frank Private Office Singapore

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia