17 Apr 2006
GIC Real Estate Pte Ltd (GIC RE), through its affiliate, Reco Shine Pte Ltd, has signed a preliminary agreement to acquire a 29.12% controlling stake in Super Shine Co., Ltd (the Company). It is a property developer listed on the Shenzhen Stock Exchange (Stock Code : 000608).
Reco Shine Pte Ltd will subscribe for a total of 120 million new shares to be issued by the Company and become its largest single shareholder. The transaction is subject to the approval of its shareholders, the China Securities Regulatory Commission, the Ministry of Commerce and other relevant China authorities.
Dr. Seek Ngee Huat, President of GIE RE said, This transaction represents GIC RE’s continued confidence in China. It also further consolidates our relationship with the Beijing Capital Land group as Super Shine Co., Ltd is one of its affiliated companies
About GIC RE
Headquartered in Singapore, GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) which manages the foreign reserves of Singapore.