Agent DTZ has paid more than £2m in cash and shares to increase its stake in its South East Asian business.
The firm – which formally put itself up for sale last week – has increased its stake in Edmund Tie & Company Holdings to 69.1% after shareholder New Horizon Holdings exercised a final put option, granted to it in November 2005.
DTZ said it bought New Horizon’s 8.1% interest for a total of Sing$4.1m, made up of a cash payment of Sing$2.06m (approximately £1.02m) and 4,618,336 new shares in DTZ.
Edmund Tie & Company, which operates in Singapore, Vietnam, Malaysia, Thailand and Indonesia, was founded by Edmund Tie in 1995. It became part of global firm DTZ Debenham Tie Leung in January 2000 along with DTZ’s European business and CY Leung & Company of North Asia.
Dealings in the new shares are expected to commence on 28 October 2011. The shares are identical and will rank pari passu in all respects with the company’s existing shares in issue.
DTZ’s shares were up slightly this morning, by 0.25p to 20p.
julia.cahill@estatesgazette.com
