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Frasers Centrepoint Trust S$759.7m preferential offering fully subscribed

FRASERS Centrepoint Trust's (FCT) preferential offering to raise about S$759.7 million in gross proceeds has been fully subscribed, the manager said in a bourse filing late on Wednesday.

Valid acceptances and excess applications stood at about 460.4 million, 1.4 times the total number of preferential offering units available.

About 324.6 million new units will be issued, based on 290 preferential offering units for every 1,000 existing units held as at 5pm on Oct 6. The issue price is S$2.34 per unit, which is at a 7 per cent discount to the volume-weighted average price of S$2.5171 based on all trades in FCT units on Sept 25 up to the time the underwriting agreement was signed on Sept 28.

The preferential offering looks to raise about S$759.7 million in gross proceeds, bringing the amount raised from FCT's equity fundraising - which includes a separate private placement - to about S$1.33 billion.

About 76.3 per cent or S$1.02 billion of the S$1.33 billion will be used to finance FCT's acquisition of the remaining 63.11 per cent stake in AsiaRetail Fund from the Reit's sponsor Frasers Property.

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Frasers Property will have a deemed interest in 40.7 per cent of the total FCT units in issue after the preferential offering units are listed and quoted on the Singapore Exchange (SGX).

The manager expects the preferential offering units to be listed and quoted on the SGX with effect from 9am on Oct 27.

FCT units were trading flat at S$2.35 as at 9.45am on Thursday.

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