Frasers trust closes above offer in debut

FRASERS Hospitality Trust, backed by Thailand's richest man, closed its first day of trading at 89.5 cents, up 1.7 per cent, as its higher yield attracted investors. The units opened at 90 cents apiece at 2pm yesterday, 2.3 per cent above the offer price of 88 cents.

The trust, which is backed by six hotels and six serviced residences, offered 185.06 million units. Combined with commitments from cornerstone investors, Frasers Hospitality issued 418 million securities to raise…