AF Global secures SGX waiver for $36.9m Knight Frank sale

The sale will generate a $3.43m gain for AF Global.

AF Global Limited’s subsidiary has clinched a waiver to complete the sale of its 55% stake in Knight Frank Pte Ltd without shareholder approval.

The approval — granted by the Singapore Exchange (SGX) under Rule 1014(2) of the listing manual — enables faster completion without convening an extraordinary general meeting, AF Global said in a bourse filing

Valued at about $36.9m, Cheong Hock Chye & Co.’s sale of its interests in Knight Frank is expected to generate a $3.43m gain with minimal impact on AF Global's net tangible assets or earnings.

The divestment completes AF Global’s withdrawal from non-core operations, with hospitality holdings accounting for about 71% of group net asset value post-sale.

SGX granted the waiver after confirming that shareholders representing 72.6% of voting rights had provided irrevocable undertakings to approve the transaction and that disclosure conditions were met.

The waiver accelerates completion ahead of AF Global’s proposed privatisation by AFG Investment Pte Ltd.

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