F&N's proposed listing of Frasers Centrepoint gets go-ahead

No cash proceeds for both firms.

According to OSK, Frasers and Neave has obtained approval from SGX to list its property arm Frasers Centrepoint with a total of SGD10.5bn of assets.

Here's more:

It plans to distribute two shares in FCL for each F&N share held by investors. Neither FCL nor F&N will receive cash proceeds as this listing is by way of introduction with no cash raised.

DBS Bank is the sole issue manager for the distribution and it is also advising F&N together with Morgan Stanley Asia and UOB bank. F&N aims to concentrate on growing its food and beverage business and strengthen its position as a leading consumer group in South East Asia.

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