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FRASERS Hospitality Trust's (FHT) 32-for-100 underwritten and renounceable rights issue has been oversubscribed at 141.3 per cent with valid acceptances and excess applications coming in for a total of 624.04 million rights stapled securities as at Oct 7.
In support of the rights Issue, FHT's sponsor, Frasers Centrepoint Limited, and strategic investor, TCC Group Investments Limited, have subscribed for their pro-rata entitlement representing 21.6 per cent and 38.8 per cent, respectively, of the total number of rights stapled securities.
TCCG has also additionally applied for excess rights stapled securities representing 9.2 per cent of the total number under the issue.
The gross proceeds of some S$266.3 million from the exercise will be deployed mainly to acquire a prime hotel in Melbourne's core central business district area.