Fund management firm Hibiki Path Advisors became a substanial shareholder of Accordia Golf Trust, acquiring 53 million shares of the Japanese golf course operator for S$22.79 million in an off-market transaction, it said in a filing to SGX after the market close on Thursday.
HPA’s deemed interest in Accordia Golf Trust rose to 6.2 percent, or 68.16 million shares, after the transaction, from 1.38 percent, or 15.16 million shares, previously, the filing said.
“HPA has shown interest in investing into Accordia Golf Trust and has secured holdings in the discrete management accounts that it managed since June 2016,” the filing said.
“HPA came across an offer on discount of the shares of the Accordia Golf Trust on 19 November 2018 as the liquidating party is winding down. After discussion with the various account holders, HPA decided to take up the offer on 29 November 2018,” it said.
Singapore-based Hibiki Path Advisors’ website says it is a value investor focused on Japanese equities.