Thursday, July 5, 2012

» Fraser & Neave may relist its property business

Straits Times: Wed, Jul 04

SINGAPORE-BASED conglomerate Fraser & Neave (F&N) has not ruled out relisting its property business.

It privatised and delisted Centrepoint Properties back in 2002.

'From time to time, the company carries out reviews of strategic options for its business and investments... which has resulted in a number of acquisition and disposal transactions in the past,' F&N company secretary Anthony Cheong wrote in a Singapore Exchange filing yesterday.

'As part of such reviews, the company is contemplating various options for its range of businesses and investments. However, no decision has been made in relation to any such options to date.'

F&N said it was responding to a query from The Business Times on a possible restructuring and relisting of its property business.

After Centrepoint Properties was delisted, it was rebranded as Frasers Centrepoint in 2006.

Frasers Centrepoint launched Frasers Centrepoint Trust, a retail real estate investment trust, in July 2006, and then acquired and formed Frasers Commercial Trust in 2008. It currently owns properties such as The Centrepoint in Orchard Road.

F&N group financial controller Hui Choon Kit told reporters and analysts at a briefing in May that accounting rules that the group adopted from January 2011 meant that overseas and some Singapore property sales and profits could not be recognised until the physical completion of the projects.

Before the filing was made, F&N's counter gained six cents yesterday to close at $7.09.

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