Frasers Centrepoint Trust sells 143.89 million shares in Hektar REIT for $37.4m

Following completion, FCT will only hold 2.12% of total units in the REIT.

Frasers Centrepoint Trust is divesting over 143.89 million shares in Hektar Real Estate Investment Trust to unnamed third parties for S$37.4m (MYR128.1m), the trust announced in an SGX filing.

Following completion of the divestment, FCT will hold only 10.55 million Hektar REIT Units, or 2.12% of the total units that have been issued as of the announcement. Currently, FCT holds approximately 30.97% of all Hektar REIT units that have been issued.

FCT said that it intends to divest these remaining shares in the future. 

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The sale price represents a premium of approximately 48.3% over the closing price of S$0.18 on 22 September, and a discount of approximately 26.9% to the net asset value per Hektar REIT nit of MYR1.217 (approximately S$0.36) as of 30 June. 

On the signing of the SPA on 22 September 2023, the purchaser shall pay the sum of approximately MYR1.28 million (approximately S$400,000), equivalent to 1% of the divestment consideration.