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Frasers Logistics raises S$147M from oversubscribed preferential offering

Frasers Logistics & Industrial Trust detailed results of its pro rata, nonrenounceable preferential offering of 152,153,437 new units at 96.7 Singaporean cents apiece, which received excess applications for 146,179,831 units.

Overall, the Singapore-listed company garnered applications for 287,478,808 new units, reflecting approximately 189.0% of the total units offered, at the offering's close June 1.

Frasers validly accepted offers for 141,298,977 units to raise gross proceeds of about S$147.1 million. Factoring in the S$328.9 million raised from the private placement, the real estate investment trust achieved its roughly S$476.0 million proceeds target from the planned equity fundraising.

The remaining 10,854,460 preferential offering units that were not validly accepted from the total number of units offered will be allotted to meet applications for excess new units.

The industrial landlord's sponsor, Frasers Property Ltd., and TCC Group Investments Ltd., which were allotted respective 31,053,937 and 8,988,700 preferential offering units, will own approximately 20.41% and 5.91% of the total number of 2,006,886,813 units in issue from June 11, when the new units are expected to be listed and quoted on the Singapore Exchange Securities Trading Ltd.'s main board.

Morgan Stanley Asia (Singapore) Pte., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. are the offering's joint book runners and underwriters, alongside DBS Bank Ltd. and Citigroup Global Markets Singapore Pte. Ltd., which also serve as the joint financial advisers, global coordinators and issue managers.

As of June 5, US$1 was equivalent to S$1.34.