Singapore's Frasers Hospitality shareholders reject $966.5 mln take-private offer (updated)

Frasers Property

12/09/2022 12:15

(Adds details, background)
    Sept 12 (Reuters) - Singapore's Frasers Hospitality Trust
 FRHO.SI  said on Monday a S$1.35 billion ($966.49 million)
proposal to take the trust private had fallen through as it
failed to garner the required shareholder approval.  
    Frasers Property Ltd  FRPL.SI , part of Thai tycoon Charoen
Sirivadhanabhakdi's TCC Group, offered to buy out the rest of
the stake in the trust it does not already own at S$0.70 per
share.  urn:newsml:reuters.com:*:nL4N2Y00CJ
    Only 74.88% of shareholder votes were cast in favor of the
take-private proposal, missing the 75% needed for the resolution
to pass.  
    Shares of the trust, which has a property portfolio of about
S$2 billion across Asia, Australia and Europe, closed at S$0.705
apiece on Friday, when they last traded. Trading of the trust's
shares was halted on Monday. 
    Bankers and analysts had expected deals to take Singapore's
real estate investment trusts (REITs) private to pick up in the
face of higher interest rates.  urn:newsml:reuters.com:*:nL4N2Y22MF 
    

($1 = 1.3968 Singapore dollars)

 (Reporting by Harshita Swaminathan; Editing by Anil D'Silva and
Krishna Chandra Eluri)
 ((Harshita.Swaminathan@thomsonreuters.com;))