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FHT’s failed privatisation not a complete surprise as unitholders bet on tourism recovery

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Jude Chan

Jude Chan

Published Thu, Sep 15, 2022 · 05:50 AM
    • Intercontinental Hotel Singapore is one of the 12 properties in FHT's initial IPO portfolio.
    • Intercontinental Hotel Singapore is one of the 12 properties in FHT's initial IPO portfolio. PHOTO : FRASERS PROPERTY

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    THE failed attempt by Frasers Hospitality Trust (FHT) to go private came as a surprise to some market observers.

    Opposition to the cash offering of S$0.70 per stapled security – at a 7 per cent premium to net asset value (NAV) – by sponsor Frasers Property (FPL) was generally muted.

    After all, the privatisation offer seemed generous enough – given the hospitality-focused real estate investment trust (Reit) had traded at an average discount of 19 per cent to its NAV since its initial public offering (IPO) in 2014.

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    Hock Lock SiewS-Reitsfrasers hospitality trustfrasers propertyPrivatisation

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