FCL debut confirms F&N's conglomerate discount

FRASERS Centrepoint (FCL) has proven that the old Fraser and Neave (F&N) had indeed been trading under a conglomerate discount, as the demerged real estate group made its listing debut yesterday.

FCL opened at $1.61 but gradually slipped over the day to head out at $1.485.

The company was listed by way of introduction following an in-specie distribution of two FCL shares for each F&N share held.

F&N, which retains its food and beverage and printing and publishing businesses, eased by one cent, or 0.3 per cent, to close at $3.47. The combined market cap of F&N and FCL was about $9.3 billion at the close. Taken as a whole, pre-split shareholders of F&N would ha…