FLT unitholders approve proposed S$1.58b merger with FCOT

Published Wed, Mar 11, 2020 · 05:05 AM

FRASERS Logistics & Industrial Trust (FLT) unitholders have voted overwhelmingly to approve the proposed merger between FLT and Frasers Commercial Trust (FCOT), FLT said in a bourse filing during Wednesday's midday break.

The vote on Wednesday took place at an extraordinary general meeting where 99.85 per cent of FLT unitholders approved the merger while 99.78 per cent approved the issuance of new units to FCOT unitholders as part of the merger's terms.

The merger, first proposed in December 2019, would be by way of a trust scheme of arrangement and would cost S$1.58 billion.

FLT would acquire all units of FCOT for S$1.54 billion and would pay for them via a combination of cash and issuance of new FLT units to FCOT unitholders.

FCOT and FLT had called for trading halts on Wednesday morning ahead of separate extraordinary general meetings scheduled later in the day to vote on the merger proposal.

FLT units closed up S$0.03 or 2.5 per cent to S$1.23, while units of FCOT closed up S$0.03 or 1.9 per cent to S$1.62 on Tuesday.