Singapore-based Frasers Centrepoint (FCL) has applied to list a Singapore REIT which will hold a portfolio of its Australian logistics and industrial assets on the Singapore Exchange (SGX). As of 10 May 2016, at market close FCL shares were trading at S$1.68, with a P/E ratio of 7.63 and a market capitalisation of S$4.87 billion (US$3.56 billion). An SGX filing, following a request for a trading halt, saw FCL disclose that it was seeking regulatory approval from various authorities, including the SGX and the Monetary Authority of Singapore (MAS), for an initial public offering (IPO) and listing of the REIT. According to reports, DBS and Citi are leading the offering as global co-ordinators. Meanwhile, OCBC, United Overseas Bank and Morgan Stanley also involved in the deal at other levels. “The company wishes to reiterate that no decision has been made as to whether the transaction will take place and there is currently no certainty that the company will proceed with the offering,” it added in the filing, sharing that further issues will be made in the event of further material development. This is due to uncertainty surrounding the IPO proceeding. According to a report in The Business Times, the Reit [...]
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