Far East Hospitality to raise $574 mln in Singapore IPO
SINGAPORE Aug 3 (Reuters) - Far East Hospitality Trust plans to raise as much as S$717.6 million ($574.3 million) in its Singapore initial public offering, roping in cornerstone investors including Aberdeen Asset Management and AIA Group , its prospectus shows.
Far East Hospitality, which owns hotels and serviced residences in Singapore, plans to offer 329.4 million stapled securities to institutional and public investors at between S$0.86 and S$0.93 each.
The trust will also sell a total of 376.3 million units to cornerstone investors such as Havenport Asset Management and Hwang Investment Management Bhd, and the offering will include an over-allotment option of 65.9 million units.
DBS, Goldman Sachs and HSBC are the joint financial advisers, global coordinators and issue managers for the listing.
Far East Hospitality, whose sponsor is part of Singapore property developer Far East Organisation, has seven hotels including Orchard Parade in its portfolio, and is expected to benefit from a rise in the city-state's tourism.
($1 = 1.2495 Singapore dollars) (Reporting by Charmian Kok)