Cuscaden Peak Pte. Ltd. made a proposal to acquire Singapore Press Holdings Limited (SGX:T39) for SGD 3.4 billion on October 28, 2021. SGD 2.1 per share will be paid fully in cash. On November 15, 2021, Cuscaden and Singapore Press Holdings Limited entered into an implementation agreement. As per revised terms, the consideration shall be paid at the election of shareholders as SGD 2.260 per share or 1.602 in cash and 0.782 SPH REIT Units for each Share equivalent equivalent to SGD 2.4 per share in total for 1,617.01089 million shares. The transaction is subject to (i) the completion of the restructuring of the media business, (ii) the approval of the scheme by a majority in number representing three-fourths in value of the shareholders of Singapore Press Holdings Limited and (iii) court approvals as well as statutory and regulatory matters. The regulatory board approved the deal. On 22 March 2022, Shareholders approved the Cuscaden Scheme at the Scheme Meeting. The board of Singapore Press Holdings recommends the Shareholders who are in favor of the Cuscaden Scheme must also attend the Keppel Scheme Meeting to vote against the Keppel Scheme. On November 21, 2021, Regulatory Approvals obtained by Cuscaden from the Monetary Authority of Singapore and the Info-Communications Media Development Authority. The Cuscaden Scheme Meeting can only proceed if the Keppel Scheme has been voted down. On December 2, 2021, Cuscaden Scheme have obtained the final regulatory approval from Foreign Investment Review Board under the Australian Foreign Acquisitions and Takeovers Act 1975 and hence all regulatory approval was received. As of February 14, 2022, Court order granting leave to convene scheme meeting in relation to the transaction.

As of March 22, 2022 Scheme is going to Effective on End April – Early May 2022. As of April 2, 2022, the scheme is going to be effective on April 28, 2022. As of April 16, 2022, expected to take effect on April 29, 2022. The Scheme is Morgan Stanley Asia (Singapore) Pte. acted as financial advisor to Cuscaden Peak Pte. Ltd. and Credit Suisse (Singapore) Limited acting as a financial advisor to Singapore Press Holdings. Evercore Asia (Singapore) Pte. Ltd. has been appointed as the independent financial adviser to advise the directors of Singapore Press Holdings. Morgan Stanley Singapore Pte. Ltd. acted as financial advisor to Cuscaden Peak Pte. Ltd. PrimePartners Corporate Finance Pte. Ltd. (the “IFA”) as the independent financial adviser to advise the directors of the Manager who are considered independent for the purposes of the possible SPH REIT Chain Offer. Sandy Foo, Favian Tan, Lee Xin Mei, Lee Eng Beng, Chew Xiang, Priscilla Soh, Kala Anandarajah, Tanya Tang, Anne Yeo and Carmen Lee of Rajah & Tann acted as legal advisor for Cuscaden Peak Pte. Ltd. in the transaction.

Cuscaden Peak Pte. Ltd. completed the acquisition of Singapore Press Holdings Limited (SGX:T39) on April 29, 2022.