F&N sells entire Frasers Property (China) Limited stake

Fraser and Neave wants to streamline its property interests in China under a wholly private business arm.

F&N, through its indirect wholly-owned subsidiary FCL (China) Pte Ltd, has accepted an unsolicited offer for its entire 56.05% stake in Frasers Property (China) Limited for a total consideration of S$261 million.

The Sale and Purchase Agreement has been signed with Famous Commercial Limited, a wholly-owned subsidiary of Shanghai Stock Exchange-listed Gemdale Corporation.

F&N’s wholly-owned property investment holding subsidiary Frasers Centrepoint Limited currently operates its China business through HKSE-listed Frasers Property (China) Limited and many other private companies.

The announcement said, “It is the Group’s strategic intent to rationalize and consolidate the corporate and operating structures of its China business into a single unlisted business arm to provide greater control, focus, efficiency and funding ability for its China operations.”