SG Morning Highlights | Frasers Centrepoint Trust Closes S$200 Million Private Placement at S$2.18 Apiece

Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.11 percent to 3,162.85 as at 9.04 am.

$FRASERS CENTREPOINT TRUST(J69U.SG)$: Frasers Centrepoint Trust (FCT) has closed its private placement to raise S$200 million at an issue price of S$2.18 per new unit, near the middle of the S$2.16-to-S$2.204 range proposed. The placement was 2.5 times covered with strong participation from new and existing institutional, accredited, and other investors. The issue price of S$2.18 represents a 4.7% discount to the volume-weighted average price of S$2.2871 per unit on all trades done on Wednesday, before the placement agreement was signed. The proceeds from the placement will be used to partially fund FCT's acquisition of Frasers Property's 24.5% stake in retail mall Nex, which has an agreed property value of S$2.1 billion. Upon completion, FCT will hold an effective 50% interest in Nex.

$Boustead(F9D.SG)$: Boustead Singapore has closed its exit offer for shares in Boustead Projects, having received valid acceptances amounting to 74,998,330 shares, representing approximately 23.94% of Boustead Projects' total number of shares. This includes acceptances of 62,631,608 shares received from parties acting in concert with Boustead Singapore. With the valid acceptances of its exit offer, Boustead Singapore now owns and controls an aggregate of 311,524,742 shares in Boustead Projects, representing approximately 99.45% of the total number of shares in the company. Boustead Singapore first made the voluntary unconditional offer for the shares in Boustead Projects on Feb 6, 2023, at 90 cents apiece. The offer was later increased to $1.18 per share on Nov 15, 2023. Following completion of the exit offer, Boustead Projects will be mandatorily delisted from the official list of the SGX-ST, with the date of delisting to be announced following consultation with SGX-ST.