Applications for FCT's new preferential shares open at 9am on Thursday

FRASERS Centrepoint Trust's (FCT) manager will open its previously announced preferential offering for subscription at 9am on Thursday.

Its indicative timetable stated that applications for the 28.8 million new units on offer will close at on June 10 at 5pm (9.30pm for electronic applications).

Each unit is priced at S$2.35, a 2.49 per cent discount to FCT's Wednesday closing price of S$2.41.

About S$67.7 million will be raised in total, with the new units expected to be credited and listed for trading on June 18 at 9am.

The preferential offering is part of a larger equity funding exercise to raise S$421.7 million in gross proceeds, part of which will be used to finance all or part of the acquisition of a one-third interest in Waterway Point and to pare down the bridging loans used for FCT's acquisition of the 18.8 per cent stake in PGIM Real Estate Asia Retail Fund.