The placement will close on Tuesday, and the units are expected to be listed on Oct 7.
Each eligible FCT unitholder will be provisionally allotted the units under the offering based on holdings in FCT as at 5pm on Oct 6. The provisional allotment of the preferential offering units cannot be renounced in favour of a third party or traded on the Singapore Exchange .The Reit manager and the underwriters will determine the issue price for the private placement after a book-building process. After that, the preferential offering's issue price will be determined.
In addition, Frasers Property will procure that FPRTH and the manager make excess applications for up to 245.1 million additional preferential offering units that are not taken up by other unitholders. Assuming the equity fundraising rakes in gross proceeds of about S$1.33 billion, the FCT manager plans to use about 76.7 per cent or S$1.02 billion to fund the purchase price for AsiaRetail Fund. The manager will also use some 20.9 per cent or S$277.5 million to pare down existing debt.
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