Frasers Hospitality to launch IPO at 88 cents per unit
The IPO pricing would give investors an indicative yield of 7 per cent per annum, according to Frasers Hospitality Trust.
SINGAPORE: Frasers Hospitality Trust (FHT) has priced its upcoming initial public offering (IPO) at S$0.88 per stapled security, giving investors who buy into the offer an indicative yield of 7 per cent per annum.
According to a draft prospectus filed on the Monetary Authority of Singapore's (MAS) website on Monday (June 23), Frasers Hospitality will sell 182.1 million stapled securities at S$0.88 apiece in its upcoming IPO.
A further 232.9 million stapled securities will be issued to cornerstone investors, such as DBS and Fortress Capital Asset Management, at the same price.
Frasers Hospitality - which has a portfolio of 12 properties including the InterContinental Singapore and Westin Kuala Lumpur hotels - will start trading on the Singapore Exchange on July 14. Its market capitalisation will be around S$1.04 billion based on the IPO price, according to the prospectus.
Frasers Hospitality is managed by Frasers Centrepoint, the former property arm of Singapore's Fraser and Neave. Its initial portfolio comprises six serviced residences from Frasers Centrepoint - Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh.
The other six properties are from Frasers Centrepoint's Thai parent TCC Group. They are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
- CNA/kk
- wong chee tat :)
Showing posts with label Fraser and Neave. Show all posts
Showing posts with label Fraser and Neave. Show all posts
Monday, June 23, 2014
Tuesday, August 27, 2013
F&N plans to list property arm Frasers Centrepoint
F&N plans to list property arm Frasers Centrepoint
POSTED: 27 Aug 2013 6:06 PM
Announcing plans to list its property arm Frasers Centrepoint (FCL) by the end of this year, Frasers and Neave said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
SINGAPORE: Singapore-based food and beverage conglomerate Fraser and Neave (F&N) has announced plans to list its property arm Frasers Centrepoint (FCL) by the end of this year.
In a media statement, the conglomerate said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
F&N and FCL will be traded separately, with the listing expected in November or December this year.
The listing is "by way of introduction (so) there is no capital raised," Frasers Centrepoint chief financial officer Chia Khong Shoong told reporters.
After the completion of the proposed transaction, F&N will no longer have any interest in FCL. The conglomerate will be left with its food and beverage, and printing and publishing businesses.
F&N said: "It provides sharper focus on the growth of the food and beverage and properties businesses as independently-listed entities, and paves the way for further growth in both sectors."
F&N's move to spin off its property arm followed the S$13.8 billion (US$10.7 billion) takeover of the 130-year-old company by Thai billionaire Charoen Sirivadhanabhakdi earlier this year.
Charoen's company, TCC Assets, which holds around 62 percent of F&N, said it will vote for the proposal.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September last year.
The proposed transaction is subject to approval by F&N shareholders at an extraordinary general meeting in November, followed by the listing.
- CNA/AFP/al
- wong chee tat :)
POSTED: 27 Aug 2013 6:06 PM
Announcing plans to list its property arm Frasers Centrepoint (FCL) by the end of this year, Frasers and Neave said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
SINGAPORE: Singapore-based food and beverage conglomerate Fraser and Neave (F&N) has announced plans to list its property arm Frasers Centrepoint (FCL) by the end of this year.
In a media statement, the conglomerate said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
F&N and FCL will be traded separately, with the listing expected in November or December this year.
The listing is "by way of introduction (so) there is no capital raised," Frasers Centrepoint chief financial officer Chia Khong Shoong told reporters.
After the completion of the proposed transaction, F&N will no longer have any interest in FCL. The conglomerate will be left with its food and beverage, and printing and publishing businesses.
F&N said: "It provides sharper focus on the growth of the food and beverage and properties businesses as independently-listed entities, and paves the way for further growth in both sectors."
F&N's move to spin off its property arm followed the S$13.8 billion (US$10.7 billion) takeover of the 130-year-old company by Thai billionaire Charoen Sirivadhanabhakdi earlier this year.
Charoen's company, TCC Assets, which holds around 62 percent of F&N, said it will vote for the proposal.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September last year.
The proposed transaction is subject to approval by F&N shareholders at an extraordinary general meeting in November, followed by the listing.
- CNA/AFP/al
- wong chee tat :)
Thursday, January 31, 2013
F&N board to resign, give Charoen "free hand"
F&N board to resign, give Charoen "free hand"
Posted: 29 January 2013 2033 hrs
SINGAPORE - Fraser & Neave said on Tuesday that all of its board members, including chairman Lee Hsien Yang, will resign from the company next week, paving the way for Thai billionaire Charoen Sirivadhanabhakdi, the largest shareholder, to have a greater say in the Singapore company's future.
The nine board members decided to resign to allow Mr Charoen's TCC Assets to have a "free hand to chart a new direction" for Fraser & Neave, a Singapore property and soft drinks conglomerate, Mr Lee told shareholders at the company's annual general meeting.
Mr Charoen, who holds a 46% stake in Fraser & Neave, had raised his offer to S$9.55 a share for the company's remaining shares - 7.5 percent higher than his previous offer of S$8.88. The increase was aimed at fending off a rival bid from a group led by Stephen Riady's Singapore-listed property firm Overseas Union Enterprise. Mr Charoen's offer closes on Monday.
The Overseas Union group decided not to raise its S$9.08-per-share offer, saying such a move was no longer attractive after recent measures taken by the Singapore government to cool the city-state's property market.
Fraser & Neave said the board will resign whether or not Mr Charoen acquires more than 50% of the company before the offer closes, in which case the offer would become unconditional.
"As clearly the largest shareholder of the company today, and probably a controlling shareholder of the company in a few days' time, it's not inappropriate for them to have that full flexibility and to want a clean slate, where they would want to move things forward," said Mr Lee.
The AGM started with shareholders lobbing wide-ranging questions about the takeover before annual financial matters of the company were addressed.
Some questioned how TCC Assets managed to secure an additional 90 million F&N shares on the eve of the auction, as most shareholders would have held on to their shares until the auction ended.
"The 90 million shares were a very sizeable block. TCC's broker must be very effective in persuading shareholders to sell on the eve of the auction," one of the shareholders said.
Several of them expressed disappointment that an auction called by the Securities Industry Council (SIC) failed to get into full swing when the Overseas Union group bowed out on January 21, the first day of the sale.
The auction was triggered because neither bidder declared a final offer by a January 20 deadline set by the Singapore securities watchdog.
The SIC had stepped in after Mr Charoen extended the deadline of his previous offer seven times and the Overseas Union group twice, testing the patience of investors.
"I was disappointed too that OUE Baytown, after extending on numerous occasions presumably with an interest to bid in due course, chose not to bid when the auction process was initiated," Mr Lee said.
But Mr Lee said Mr Charoen had raised his offer before the auction, creating a "clear gap" with the Overseas Union group's S$9.08-per-share bid.
When asked if he was satisfied with the outcome, Mr Lee said: "It would have been good to get a better outcome for shareholders but it's a good outcome."
Separately, Japanese brewer Kirin Holdings, Fraser & Neave's second-largest shareholder with a 14.8% stake, said it will decide whether to sell its stake to Mr Charoen by Monday.
- CNA/ir
- wong chee tat :)
Posted: 29 January 2013 2033 hrs
SINGAPORE - Fraser & Neave said on Tuesday that all of its board members, including chairman Lee Hsien Yang, will resign from the company next week, paving the way for Thai billionaire Charoen Sirivadhanabhakdi, the largest shareholder, to have a greater say in the Singapore company's future.
The nine board members decided to resign to allow Mr Charoen's TCC Assets to have a "free hand to chart a new direction" for Fraser & Neave, a Singapore property and soft drinks conglomerate, Mr Lee told shareholders at the company's annual general meeting.
Mr Charoen, who holds a 46% stake in Fraser & Neave, had raised his offer to S$9.55 a share for the company's remaining shares - 7.5 percent higher than his previous offer of S$8.88. The increase was aimed at fending off a rival bid from a group led by Stephen Riady's Singapore-listed property firm Overseas Union Enterprise. Mr Charoen's offer closes on Monday.
The Overseas Union group decided not to raise its S$9.08-per-share offer, saying such a move was no longer attractive after recent measures taken by the Singapore government to cool the city-state's property market.
Fraser & Neave said the board will resign whether or not Mr Charoen acquires more than 50% of the company before the offer closes, in which case the offer would become unconditional.
"As clearly the largest shareholder of the company today, and probably a controlling shareholder of the company in a few days' time, it's not inappropriate for them to have that full flexibility and to want a clean slate, where they would want to move things forward," said Mr Lee.
The AGM started with shareholders lobbing wide-ranging questions about the takeover before annual financial matters of the company were addressed.
Some questioned how TCC Assets managed to secure an additional 90 million F&N shares on the eve of the auction, as most shareholders would have held on to their shares until the auction ended.
"The 90 million shares were a very sizeable block. TCC's broker must be very effective in persuading shareholders to sell on the eve of the auction," one of the shareholders said.
Several of them expressed disappointment that an auction called by the Securities Industry Council (SIC) failed to get into full swing when the Overseas Union group bowed out on January 21, the first day of the sale.
The auction was triggered because neither bidder declared a final offer by a January 20 deadline set by the Singapore securities watchdog.
The SIC had stepped in after Mr Charoen extended the deadline of his previous offer seven times and the Overseas Union group twice, testing the patience of investors.
"I was disappointed too that OUE Baytown, after extending on numerous occasions presumably with an interest to bid in due course, chose not to bid when the auction process was initiated," Mr Lee said.
But Mr Lee said Mr Charoen had raised his offer before the auction, creating a "clear gap" with the Overseas Union group's S$9.08-per-share bid.
When asked if he was satisfied with the outcome, Mr Lee said: "It would have been good to get a better outcome for shareholders but it's a good outcome."
Separately, Japanese brewer Kirin Holdings, Fraser & Neave's second-largest shareholder with a 14.8% stake, said it will decide whether to sell its stake to Mr Charoen by Monday.
- CNA/ir
- wong chee tat :)
TCC Assets moves one step closer to F&N takeover
TCC Assets moves one step closer to F&N takeover
By Yvonne Chan | Posted: 30 January 2013 1943 hrs
SINGAPORE: TCC Assets is yet another step closer to gaining full control of Fraser & Neave (F&N).
In a statement to the Singapore Exchange on Wednesday, TCC Assets said it had purchased an additional 3.3 million F&N shares (0.23 per cent) at S$9.55 per share on January 29.
Together with Singapore-listed ThaiBev, TCC Assets now owns 46.36 per cent of F&N (not inclusive of acceptances).
Earlier this week, F&N said Thai tycoon Charoen Sirivadhanabhakdi's revised offer of S$9.55 per share for the drinks and property conglomerate was "fair". The company added that its chairman Lee Hsien Yang and three other independent directors, who hold the firm's shares, intend to accept the revised offer.
On Tuesday, F&N's board of directors said they would resign after the close of the revised offer next week to allow the Thai tycoon to decide on the future direction of the company.
Meanwhile, Mr Charoen's TCC Group is reportedly planning to raise as much as 50 billion baht (US$1.7 billion) by injecting two Bangkok property assets into funds.
Mr Charoen has offered S$9.55 for the remaining F&N shares. This values F&N at around S$13.8 billion. His offer lapses on February 4.
-CNA/ac
- wong chee tat :)
By Yvonne Chan | Posted: 30 January 2013 1943 hrs
SINGAPORE: TCC Assets is yet another step closer to gaining full control of Fraser & Neave (F&N).
In a statement to the Singapore Exchange on Wednesday, TCC Assets said it had purchased an additional 3.3 million F&N shares (0.23 per cent) at S$9.55 per share on January 29.
Together with Singapore-listed ThaiBev, TCC Assets now owns 46.36 per cent of F&N (not inclusive of acceptances).
Earlier this week, F&N said Thai tycoon Charoen Sirivadhanabhakdi's revised offer of S$9.55 per share for the drinks and property conglomerate was "fair". The company added that its chairman Lee Hsien Yang and three other independent directors, who hold the firm's shares, intend to accept the revised offer.
On Tuesday, F&N's board of directors said they would resign after the close of the revised offer next week to allow the Thai tycoon to decide on the future direction of the company.
Meanwhile, Mr Charoen's TCC Group is reportedly planning to raise as much as 50 billion baht (US$1.7 billion) by injecting two Bangkok property assets into funds.
Mr Charoen has offered S$9.55 for the remaining F&N shares. This values F&N at around S$13.8 billion. His offer lapses on February 4.
-CNA/ac
- wong chee tat :)
Thai tycoon takes majority control of Singapore's F&N
Thai tycoon takes majority control of Singapore's F&N
Posted: 31 January 2013 0144 hrs
SINGAPORE: A Thai tycoon has clinched majority control of Singapore conglomerate Fraser and Neave (F&N), making his offer to fully takeover the company unconditional.
TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement late Wednesday that its stake in F&N stands at 50.92 per cent after further purchases in the stock market and more shareholders accepting its offer.
With majority control now in the hands of the Thai parties, "accordingly, the F&N offer has become unconditional in all respects," the statement added.
TCC Assets is offering to buy F&N shares it does not already own at S$9.55 apiece, valuing the drinks, property and publishing conglomerate at S$13.75 billion.
The deadline for the rest of the shareholders to accept the offer was extended from February 4 to February 18, according to the statement.
Indonesia-led property firm Overseas Union Enterprise (OUE) averted a bidding war earlier this month when it declined to match the offer by the Thais. OUE is linked to Indonesian tycoon Mochtar Riady.
The takeover is said to be the biggest in Singapore's corporate history if it pushes through.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September.
It still has lucrative beverages, property and publishing operations.
Analysts believe more shareholders are likely to accept the offer as it is the only bid on the table.
The market however is closely watching whether Japanese brewer Kirin, which holds a 15 per cent stake in F&N, will sell its interests or remain a minority shareholder.
Kirin had allied itself with OUE in the bidding war. Its 15 per cent stake is worth more than S$2.0 billion at the rate offered by TCC Assets.
Charoen's TCC Group has a real estate unit, and the tycoon also owns Thai Beverage, which sells Chang beer.
- AFP/jc
- wong chee tat :)
Posted: 31 January 2013 0144 hrs
SINGAPORE: A Thai tycoon has clinched majority control of Singapore conglomerate Fraser and Neave (F&N), making his offer to fully takeover the company unconditional.
TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement late Wednesday that its stake in F&N stands at 50.92 per cent after further purchases in the stock market and more shareholders accepting its offer.
With majority control now in the hands of the Thai parties, "accordingly, the F&N offer has become unconditional in all respects," the statement added.
TCC Assets is offering to buy F&N shares it does not already own at S$9.55 apiece, valuing the drinks, property and publishing conglomerate at S$13.75 billion.
The deadline for the rest of the shareholders to accept the offer was extended from February 4 to February 18, according to the statement.
Indonesia-led property firm Overseas Union Enterprise (OUE) averted a bidding war earlier this month when it declined to match the offer by the Thais. OUE is linked to Indonesian tycoon Mochtar Riady.
The takeover is said to be the biggest in Singapore's corporate history if it pushes through.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September.
It still has lucrative beverages, property and publishing operations.
Analysts believe more shareholders are likely to accept the offer as it is the only bid on the table.
The market however is closely watching whether Japanese brewer Kirin, which holds a 15 per cent stake in F&N, will sell its interests or remain a minority shareholder.
Kirin had allied itself with OUE in the bidding war. Its 15 per cent stake is worth more than S$2.0 billion at the rate offered by TCC Assets.
Charoen's TCC Group has a real estate unit, and the tycoon also owns Thai Beverage, which sells Chang beer.
- AFP/jc
- wong chee tat :)
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