Further update on the REIT...
Thai tycoon Charoen eyes $640 mil IPO for F&N REIT
Thai billionaire Charoen Sirivadhanabhakdi is looking to raise at least US$500 million ($640 million) by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N), people with knowledge of the matter said.
The real estate investment trust would hold service residences owned by F&N and hotels held by the Thai beer baron’s TCC Assets such as the InterContinental Hotel in Singapore.
The listing would also mark the first step towards the merging of F&N’s assets and Charoen’s business empire after the Thai tycoon won control of the Singapore drinks-and-property conglomerate early this year in an US$11 billion deal. Charoen controls F&N through TCC and Thai Beverage PCL .
Two sources said that while the exact size of the IPO has not been decided yet, they expect it would raise at least $500 million and be conducted in the first half of next year.
http://www.theedgesingapore.com/the-dail...-reit.html
Charoen is confident that our Singapore REIT market will continue to be attractive for raising funds.
This is positive for REITS.
(26-08-2013, 10:15 PM)a74henry Wrote: [ -> ]Charoen is confident that our Singapore REIT market will continue to be attractive for raising funds.
This is positive for REITS.
Everyone is getting out thru REITs while they can. Before the REIT window closes.
(03-08-2013, 09:46 AM)KopiKat Wrote: [ -> ]G.O. Reference Price = $9.55
Less :
1. FY12 (Sep) Final Div = 12ct
2. FY13 (Mar) Interim Div = 3.5ct
3. Capital Payout = $3.28
Net G.O. Reference Price = $6.115
Latest Market Price = $5.57 (-8.97%)
<Not Vested - Watching...>
There's an article in this week's TheEdge on ThaiBev. I'm using their figures on the acquisition of their stake in F&N to update my earlier post.
TCC : 62% @ $9.55
ThaiBev : 22% @ $8.88 (fm OCBC) + 6.6% @ $8.88 or lower fm Open Mkt
Using $8.88 for ThaiBev total 28.6% stake,
TCC : 62% @ $9.55 => $6.115 (Net of Div + Capital Payout)
ThaiBev : 28.6% @ $8.88 => $5.445
Total : 90.6% @ $9.34 => $5.903
A more conservative adjusted reference G.O. price is therefore $5.903 or to be even more conservative, $5.445.
(27-08-2013, 10:12 AM)KopiKat Wrote: [ -> ] (03-08-2013, 09:46 AM)KopiKat Wrote: [ -> ]G.O. Reference Price = $9.55
Less :
1. FY12 (Sep) Final Div = 12ct
2. FY13 (Mar) Interim Div = 3.5ct
3. Capital Payout = $3.28
Net G.O. Reference Price = $6.115
Latest Market Price = $5.57 (-8.97%)
<Not Vested - Watching...>
There's an article in this week's TheEdge on ThaiBev. I'm using their figures on the acquisition of their stake in F&N to update my earlier post.
TCC : 62% @ $9.55
ThaiBev : 22% @ $8.88 (fm OCBC) + 6.6% @ $8.88 or lower fm Open Mkt
Using $8.88 for ThaiBev total 28.6% stake,
TCC : 62% @ $9.55 => $6.115 (Net of Div + Capital Payout)
ThaiBev : 28.6% @ $8.88 => $5.445
Total : 90.6% @ $9.34 => $5.903
A more conservative adjusted reference G.O. price is therefore $5.903 or to be even more conservative, $5.445.
Yes, I agree with your point that TCC+ThaiBev are still under-water in their F&N venture now
But the show is yet started. The show will start around early next year IMO, and probably a hint on the theme soon...
(27-08-2013, 10:42 AM)CityFarmer Wrote: [ -> ]But the show is yet started. The show will start around early next year IMO, and probably a hint on the theme soon...
Perhaps a major catalyst is the Interest Rate. They may be forced to show hand earlier if bankers get nervous due to interest rate rise (whether real or impending)? Esp. ThaiBev, who's listed and heavily geared and still in the money for their F&N stake?
PS. Recent hints seems to be skewed more towards TCC's benefit
(27-08-2013, 10:50 AM)KopiKat Wrote: [ -> ] (27-08-2013, 10:42 AM)CityFarmer Wrote: [ -> ]But the show is yet started. The show will start around early next year IMO, and probably a hint on the theme soon...
Perhaps a major catalyst is the Interest Rate. They may be forced to show hand earlier if bankers get nervous due to interest rate rise (whether real or impending)? Esp. ThaiBev, who's listed and heavily geared and still in the money for their F&N stake?
PS. Recent hints seems to be skewed more towards TCC's benefit
I agree with the opinion on hints.
The pressure seemed higher with ThaiBev, partly due to impending interest rise, and also its current performance. ThaiBev might push for early restructuring, and willing to compromise. As minority shareholder of F&N, TCC's benefit is F&N's benefit, but ThaiBev's one isn't...
(27-08-2013, 02:10 PM)toiletsiao Wrote: [ -> ]Trading Halt liao......
ThaiBev, FNM (Malaysia), FCT, FCOT no halt... Some F&N related matters? Can't possibly be expediting their Hospitality REIT with TCC, right?
(27-08-2013, 02:35 PM)KopiKat Wrote: [ -> ] (27-08-2013, 02:10 PM)toiletsiao Wrote: [ -> ]Trading Halt liao......
ThaiBev, FNM (Malaysia), FCT, FCOT no halt... Some F&N related matters? Can't possibly be expediting their Hospitality REIT with TCC, right?
Either the Strategic review is done.....
or
A clarification on the newspaper article yesterday on its Hospitality IPO (I seriously hope not)
Personally i think should be something to do with the strategic review.... FNN only halt trading for corporate actions it seems