Thai tycoon Charoen's FCL wins approval to list REIT in Singapore
SINGAPORE, March 12
SINGAPORE, March 12 (Reuters) - Frasers Centrepoint Ltd (FCL), a company controlled by Thai billionaire Charoen Sirivadhanabhakdi, won approval from the Singapore Exchange to list a hospitality real estate investment trust (REIT).
The move follows news that FCL is looking to raise up to S$600 million ($473 million) through the listing of a hospitality real estate investment trust in Singapore in the second quarter.
The listing would mark the first step in merging the property assets of Charoen's business empire, which operates under the Singapore-listed FCL and his TCC Group, after the Thai tycoon won control of the drinks-and-property conglomerate Fraser and Neave in an $11 billion deal last year.
DBS, HSBC, Morgan Stanley and United Overseas Bank are the main advisers on the deal, sources had told Reuters earlier.
FCL in a statement said that the timing for the listing would depend on several factors, including market conditions.
Lotte Shopping Co Ltd, South Korea's biggest shopping mall owner, postponed a $1 billion real estate investment trust in Singapore in March due to an emerging market sell-off, sources had said earlier. (Reporting by Saeed Azhar, editing by Louise Heavens)
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