Singapore Stocks To Watch: Frasers Property, Frasers Hospitality Trust, Keppel Infrastructure

THE following companies saw new developments that may affect trading of their securities on Tuesday (Jun 14):

Frasers Property, Frasers Hospitality Trust: FRASERS Property Hospitality Trust Holdings, a wholly-owned subsidiary ofFrasers Property, is proposing to privatise Frasers Hospitality Trust through a trust scheme of arrangement.

The privatisation will shave over S$1.3 billion worth of value from the local bourse.

The offeror is proposing to acquire all of FHT’s stapled securities – other than those held by TCC Group Investments and Frasers Property and its subsidiaries – at a scheme consideration of S$0.70 each in cash, it said in a bourse filing on Monday (Jun 13).

The scheme consideration represents a premium of 43.8 per cent over the 12-month volume-weighted average price per stapled security up to and including Apr 7, the last full trading day prior to the announcement of its strategic review.

It also represents a premium of 16.7 per cent over recent analyst consensus of the counter’s target price in 2022.

The independent directors of FHT noted that the scheme is the best option for stapled securityholders to realise their investments, given that it represents a credible offer from a financial perspective and offers strong deal certainty for stapled securityholders in terms of timing and execution.

Keppel Infrastructure: Keppel Infrastructure Fund Management Pte Ltd (KIFM), trustee-manager of Keppel Infrastructure Trust (KIT), and solar power producer Jinko Power signed a non-binding memorandum of understanding for the exploration of opportunities for solar farm and energy storage investments.

Under the memo, Jinko will identify up to 1,000 megawatts of solar farm and energy storage projects in its assets pipeline which KIT can potentially invest in.

“Each of these assets will be in jurisdictions that meet KIT’s investment criteria, in key developed markets of Asia Pacific, Europe and the Middle East,” KIT said in a statement.

KIT and Jinko will enter separate investment deals to acquire and hold the respective assets through special purpose vehicles, it added.