China Real Estate Opportunities (CREO), one of the biggest companies on London’s AIM (Alternative Investment Market), may abandon its UK listing to be quoted in Singapore, in a quest to deepen its investor base and tap stronger capital flows in Asia.
The company – owner of about £840 million (S$1.78 billion) worth of Chinese office, retail and residential property – is to consult investors on the move that it said may help narrow the gap between net asset value and share price.
‘The company has made a non-binding submission to . . . secure approval for admission to Singapore’s internationally recognised main board so as to position the company closer to its asset base and potentially re-rate the shares in line with CREO’s peer group listed in Asia,’ the company said yesterday. If shareholders approve the move, the company could delist from AIM by June.
CREO is the latest in a series of companies to consider leaving AIM to improve liquidity and entice new shareholders, raising questions about the future of the incubator market.
Last week, Macau Property Opportunities Fund said it intended to apply for admission to London’s main market to diversify its investor base.
Source : Business Times – 9 Mar 2010
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