First REIT Defends Siloam Hospitals Surabaya Divestment As Investors Question Rationale, Benefits (The Business Times)

July 19, 2022 – (From The Business Times) Unitholders of First Reit have raised a number of questions regarding the company’s divestment of Siloam Hospitals Surabaya. 

In a bourse filing on Monday, the real estate investment trust (Reit) posted a lengthy list of questions that it had received from its unitholders, including queries on the rationale of the divestment, the resultant distribution per unit (DPU) changes, as well as the plans of the Reit manager to turn around the group’s business and profitability. 

First Reit in May announced that it would divest Siloam Hospitals Surabaya — which comprises 5 integrated purpose-built hospital buildings — at an agreed property value of 430 billion rupiah (S$40.1 million) subject to post-completion adjustments. 

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