GIC to more than double its stake in Franshion Properties to 6.54%

Singapore

SINGAPORE'S sovereign wealth fund GIC will more than double its stake in Franshion Properties, after the latter placed 1.6 billion shares at HK$2.73 per share as part of efforts to supplement the funding of its expansion and growth plan and broaden its shareholder base.

GIC, through the purchase of more than 425.9 million shares, will more than double its stake in the company, from 3.0 per cent to 6.54 per cent, making it the third-largest shareholder in the company.