29 August 2013 – Frasers Property Australia is expected to be part of a spinoff of the property business from its parent company operations and listed on the Singapore Stock Exchange later this year.
However, no impact is expected on the Australian arm of the company which has $3 billion to $4 billion of projects underway at Central Park, Ryde, Parramatta in Sydney, at East Perth, Mandurah south of Perth and in New Zealand.
“The 130-year-old food, beverage and property conglomerate will offer its shareholders two shares of the property company, Frasers Centrepoint Ltd, for every F&N share held,” a Bloomberg report said on Thursday.
“F&N is spinning off a division with $S9 billion ($7.81 billion) of assets as of June, which will allow both companies to focus on their separate expansion strategies.”
The move is part of a restructure following takeover of the parent company Fraser & Neave by Thai billionaire Charoen Sirivadhanabhakdi, earlier this year.
- See our exclusive report on 8 March Frasers Property parent co in new Thai hands
Shares in the parent company climbed the most in four months after plans were announced, the Bloomberg report said.
“Shares of the 130-year-old company with investments from food and beverage to publishing climbed 4.2 per cent to S$5.72 at the close in Singapore trading, the biggest jump since April 25. The company will offer two shares of its unit Frasers Centrepoint Ltd. for every stock held, it said in a statement yesterday.”