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Frasers Commercial Trust to issue new units via private placement

Frasers Commercial Trust is issuing 67,567,000 new units at an issue price of S$1.48 per unit, via a private placement.

The offering new units, which was 5x oversubscribed after the bookbuilding process, will begin trading on the main board of the Singapore stock exchange Feb. 1, 9 a.m. local time.

Following the issue, the company's total issued units will increase to 878,221,842 as of the issue date.

The company's manager, Frasers Centrepoint Asset Management, issued an additional 12,011,000 new units to boost the size of the offering, from an initial 55,556,000 new units.

Total proceeds of about S$97.8 million is expected from the upsized offering.

DBS Bank and Merrill Lynch (Singapore) Pte. Ltd. are the joint book runners and underwriters for the placement.

As of Jan. 31, US$1 was equivalent to S$1.31.