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Frasers Centrepoint Trust completes preferential offering, updates slightly subscriptions

FRASERS Centrepoint Trust (FCT) has completed its preferential offering. It received valid acceptances and excess applications of under 56.73 million for new units for its preferential offering, instead of over 56.74 million units at the close of the preferential offering on June 10, 2019, its manager said on Monday evening.

This represents about 196.8 per cent of the total number of new units available under the preferential offering, as compared with the 196.9 per cent previously reported.

The balance of 3,450,179 units which were not validly accepted will be allotted to satisfy applications for excess new units.

FCT will raise gross proceeds of about S$67.7 million from this offering. This is part of a larger equity funding exercise to finance the acquisition of suburban mall Waterway Point as well as to pare down the bridging loans used for the acquisition of the 18.8 per cent stake in PGIM Real Estate Retail Fund.

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Together with the S$369.6 million raised from the private placement, total gross proceeds of S$437.4 million have been raised from the equity fundraising.

The 28.8 million new units from the preferential offering, priced at S$2.35 apiece, are expected to be listed and quoted on the Singapore Exchange’s mainboard on June 18 at 9am.

FCT's counter closed on Monday at S$2.56, down S$0.010 or 0.39 per cent, before the announcement was made.