Frasers Centrepoint Ltd. is embracing the diversified nature of its expanding business by adopting its international identity and changing its name to Frasers Property Ltd., effective Jan. 31.
Shareholders of the Singapore-listed multinational real estate company approved the proposed name change during an annual general meeting held Jan. 29. The Accounting and Corporate Regulatory Authority of Singapore confirmed the name change on the same date it took effect while on the Singapore stock exchange, the company's trading name will be changed to Frasers Property from Frasers Cpt effective Feb. 5.
CEO Panote Sirivadhanabhakdi said the name change consolidates all of the group's development, retail, commercial and business park and logistics businesses into a single brand. Sirivadhanabhakdi added that outside Singapore, the company has been known for years as Frasers Property.
The new identity of the group also reflects the changes in the composition of its portfolio, which as of Sept. 30, 2017, was valued at approximately S$27.0 billion. In a news release, the company said its assets outside Singapore now account for 55% of its portfolio.
Aside from Singapore, Frasers Property also operates in countries including Australia, Thailand, the U.K., the Netherlands and Germany. Among other investments, the company has a 40.95% stake in Ticon Industrial Connection Pcl, which owns Thailand's biggest industrial real estate investment trust; a 99.45% interest in Amsterdam-based commercial real estate company Geneba Properties NV; and various other businesses in Europe being made under the Frasers Property Europe banner.
As of Feb. 6, US$1 was equivalent to S$1.32.
