Frasers Hospitality Trust

By P.R. Venkat Frasers Property Ltd. has made an offer to privatize its hospitality company that values the Singapore-listed trust at nearly 1.35 billion...

Frasers Property's offer is a 6.1% premium to the last traded price. The offer represents a 45.4% premium to the one-month volume-weighted average price of S$0.482, the company said. Frasers Property is offering to buy each unit of Frasers Hospitality Trust for S$0.70 in cash, the two companies said Monday.

Frasers Property Ltd. is proposing to take its listed hospitality arm private at a value of S$1.35 billion ($970 million) after the pandemic hammered the ...

The offer price represents a premium of 43.8% over the 12-month volume-weighted average price of FHT. Read more at straitstimes.com.

If approvals are met, the privatisation is expected to be completed by the fourth quarter of this year. As at 3.25pm, shares of Frasers Property were trading at about $1.09, while FHT’s shares trading at about 69 cents. “Frasers Property takes a long term view of the returns from our investments and we remain cautiously optimistic about the long-term growth potential of the hospitality sector.” In arriving at the final offer price of 70 cents per FHT unit, Ms Eu said the trust’s managers commissioned valuations of its properties as at end May this year and this took into account the earnings potential of the trust post-Covid-19. The offer price represents a premium of 43.8 per cent over the 12-month volume-weighted average price of FHT and is 16.7 per cent over a recent analyst consensus target price. SINGAPORE - Frasers Property is privatising subsidiary Frasers Hospitality Trust (FHT) with an offer of 70 cents per unit.

The proposed transaction is part of a consolidation trend seen in Singapore-listed real estate investment trusts (REITs). Advertisement.

DBS is the financial adviser to Frasers Hospitality Trust's managers on the deal. "Hospitality remains one of our core businesses. Advertisement

FRASERS Property Hospitality Trust Holdings, a wholly-owned subsidiary of Frasers Property, is proposing to privatise Frasers Hospitality Trust (FHT) ...

Singapore-listed Frasers Property Ltd , part of Thai tycoon Charoen Sirivadhanabhakdi's TCC Group, proposes to take unit Frasers Hospitality Trust private ...

DBS is the financial adviser to Frasers Hospitality Trust's managers on the deal. "Hospitality remains one of our core businesses. Register now for FREE unlimited access to Reuters.com

To unveil the value of their investments, Frasers Property is seeking to privatise its wholly-owned subsidiary, Frasers Hospitality Trust (FHT).

The scheme meeting outcome will be decided by scheme stapled security holders, as stated in the announcement. Further, its scheme will require regulatory and court approvals and will be subject to scheme amendments resolution being approved by stapled security holders, whereby approval of stapled security holders holding an aggregate of 75% or more of the total number of votes cast for and against the resolution is mandated. To unveil the value of its investments, Frasers Property is seeking to privatise its wholly-owned subsidiary, Frasers Hospitality Trust (FHT), through a trust scheme of arrangement with a consideration of 70 cents per scheme stapled security.

Frasers Property is proposing to take Frasers Hospitality Trust private in an all cash deal that values the REIT at S$1.35 billion.

This transaction will allow FPL Group to increase its investment in hospitality assets at locations that we are already familiar with.” The proposal requires approval from owners of at least 75 percent of the trust’s units at a scheme meeting which is expected to take place in mid- August. Should the proposal win approval from investors and regulators, the trust would be de-listed from the Singapore exchange in the fourth quarter. Following the takeover announcement early Monday, investors reacted to the proposal positively as the price of FHT units rose by S$0.03 to S$0.695 at the end of the day, from their value of S$0.66 on Thursday last week, when trading of FHT and Frasers Property shares were halted. The scheme consideration for FHT – which counts Khun Charoen’s TCC Group as its largest unitholder – is equivalent to a 43.8 percent premium versus its 12-month average price of S$0.487 and 16.7 percent higher than analysts’ estimates for 2022 of S$0.60, according to the company announcement. Subject to regulatory and court approvals, Frasers Property is proposing to buy the units it does not already own and increase its stake in FHT to 63.28 percent post-deal from 25.8 percent currently, while TCC will maintain its 36.72 percent interest. Frasers Property is proposing to take SGX-listed Frasers Hospitality Trust private in an all cash deal that values the REIT at S$1.35 billion ($970 million) according to a joint announcement on Monday, as the hospitality sector continues to face headwinds.

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