Frasers Centrepoint Trust to raise up to S$182.2m in private placement

Mainboard-listed Frasers Centrepoint Trust (FCT) plans to raise up to S$182.2 million in a private placement.

It said on Tuesday that it will launch a placement of 137 million new units at an issue price between S$1.29 and S$1.33 per new unit.

This means it would raise gross proceeds of between S$176.7 million and S$182.2 million.

The issue price of the new units represents a discount of between 3.7 per cent and 6.6 per cent to the adjusted volume weighted average price of S$1.38 per unit for trades done on the full market day yesterday.

Money raised from the placement will be used to part finance FCT’s acquisitions of Northpoint 2 and YewTee Point.

Last month, FCT announced it intends to acquire the 2 shopping malls for S$290.2 million.

Source : Channel NewsAsia – 26 Jan 2010