ARA US Hospitality Trust (SG:XZL) has released an update.
ARA US Hospitality Trust has announced that ARA Asset Management Limited and ARA Real Estate Investors 23 Pte. Ltd. have entered into agreements to sell their respective interests in the company’s management and a significant portion of stapled securities. Specifically, all shares in the REIT and Trustee-Managers will be sold to Acrophyte Asset Management, and 19% of stapled securities will be acquired by Acrophyte Limited. Following the transactions, Mr. Lee Jin Yong will continue as the CEO, and securityholders are advised to consult professionals before taking any action.
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