{"id":92594,"date":"2018-06-27T09:22:32","date_gmt":"2018-06-27T02:22:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-clears-air-on-discrepancies-over-dennis-wee-realty-transaction\/"},"modified":"2018-06-27T10:02:58","modified_gmt":"2018-06-27T03:02:58","slug":"propnex-clears-air-on-discrepancies-over-dennis-wee-realty-transaction","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-clears-air-on-discrepancies-over-dennis-wee-realty-transaction\/","title":{"rendered":"PropNex clears air on discrepancies over Dennis Wee Realty transaction"},"content":{"rendered":"


\nPropNex Realty\u2019s CEO, Ismail Gafoor.
\nReal estate agency PropNex Realty has clarified certain matters cited in recent media reports that its transaction involving Dennis Wee Realty (DWR) was without monetary terms and that there were discrepancies between its audited revenue and profit for FY2016 to the figures in its preliminary prospectus.
\n\u201cAs at the date of the press conference, the memorandum of understanding entered into between PropNex Realty and DWR had set out the understanding, intention and agreement-in-principle for, among others, DWR to assist in the transfer of DWR salespersons to PropNex,\u201d said PropNex.
\nMore: PropNex Realty aims to raise $40m in IPO\u00a0
\n\u201cNeither the company nor (PropNex CEO) Mohamed Ismail had indicated that the transfer of DWR salespersons would be free.\u201d
\nThe statement also clarified that the unaudited revenue of $278.9 million and net profit of $9.23 million reportedly provided by the company were \u201cannounced prior to the group\u2019s consolidation of its business entities in the lead-up to the proposed initial public offering\u201d.
\nThe preliminary prospectus, on the other hand, contains the audited financial statements of the group, it added.
\nSeparately, PropNex announced that it has registered the prospectus for its initial public offering (IPO) and listing of shares on the Singapore Exchange mainboard.
\nIt revealed that it aims to raise $38 million from the IPO as well as boost its market capitalisation to $240.5 million.
\nIt noted that 42.5 million shares are being offered at 65 cents each. Of these, 40.375 million shares will be offered via a placement for investors.
\nIn fact, several cornerstone investors have already agreed to subscribe for a total of 50 million shares at the offering price, it said. Among these include FIL Investment Management (Hong Kong) and NTUC Income Insurance Co-Operative, which subscribed for 12.35 million shares and 9.05 million shares respectively.
\nThe offering will open in Singapore upon registration of the prospectus and will close at noon on 28 June. Trading of PropNex\u2019s shares is expected to commence on a \u201cready\u201d basis at 9.00am on 2 July.
\nFind\u00a0property agents\u00a0who can help you in your\u00a0Singapore Property\u00a0search.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…PropNex clears air on discrepancies over Dennis Wee Realty transaction<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PropNex Realty\u2019s CEO, Ismail Gafoor. Real estate agency PropNex Realty has clarified certain matters cited...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-92594","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-o5s","jetpack-related-posts":[{"id":60360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/80-of-dwg-agents-crossed-over-to-propnex\/","url_meta":{"origin":92594,"position":0},"title":"80% of DWG agents crossed over to PropNex","date":"July 11, 2017","format":false,"excerpt":"\r PropNex Realty is officially the largest real estate agency with 6,688 salespersons. (Photo: Jianwei Huang) Some 845 out of the 1,063 property agents (80 percent) from Dennis Wee Group (DWG) have signed an agreement to cross over to PropNex Realty following a merger announcement in June. This means that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104229,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gap-to-transfer-its-property-agents-to-propnex-realty\/","url_meta":{"origin":92594,"position":1},"title":"GAP to transfer its property agents to PropNex Realty","date":"February 21, 2019","format":false,"excerpt":"\r PropNex further strengthens its position as Singapore\u2019s largest listed real estate agency with over 7,500 salespersons. Global Alliance Property (GAP), which operates under the Century 21 franchise, has signed a strategic collaboration with PropNex Realty, whereby GAP\u2019s property agents will be transferred to the latter. With the transfer of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57608,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-merges-with-dwg-to-form-largest-local-property-agency\/","url_meta":{"origin":92594,"position":2},"title":"PropNex merges with DWG to form largest local property agency","date":"June 12, 2017","format":false,"excerpt":"\r \u00a0 Homegrown real estate agency PropNex Realty announced this morning (12 June) a merger with Dennis Wee Group (DWG) following an MOU signing over the weekend. The addition of DWG\u2019s 1,071 property agents in a bulk transfer will grow PropNex\u2019s team to 6,926 agents from 5,855 previously. The transition\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48810,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-realty-ventures-into-indonesia-to-target-wealthy-buyers\/","url_meta":{"origin":92594,"position":3},"title":"PropNex Realty ventures into Indonesia to target wealthy buyers","date":"March 20, 2017","format":false,"excerpt":"\r Group photo of PropNex CEO Mohamed Ismail with some of the agents from Indonesia. Property agency PropNex Realty embarked on its first regional expansion into Indonesia in the second half of 2016 to access a larger pool of potential buyers, especially those interested in purchasing Singapore luxury properties. \u201cWe\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-realty-aims-to-raise-40m-in-ipo\/","url_meta":{"origin":92594,"position":4},"title":"PropNex Realty aims to raise $40m in IPO","date":"June 4, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. In a bid to replicate the success of its rival APAC Realty, Singapore\u2019s largest property agency PropNex Realty plans to launch an initial public offering (IPO) that will raise about $40 million, reported Bloomberg recently citing anonymous sources. APAC Realty raised $58 million during\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":75763,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/slight-rise-in-number-of-property-agents-this-year\/","url_meta":{"origin":92594,"position":5},"title":"Slight rise in number of property agents this year","date":"January 4, 2018","format":false,"excerpt":"\r There are now 28,571 registered property agents in Singapore. The number of registered property agents in Singapore rose slightly to 28,571 as at 1 January 2018, up from 28,397 during the same period last year, according to data released by the Council for Estate Agencies (CEA) on Thursday (4\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/01\/10-largest-property-agencies.jpg?fit=677%2C641&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/92594"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=92594"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/92594\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=92594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=92594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=92594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}