Frasers Hospitality Trust's rights issue oversubscribed at 141.3%; raises $266.3 mil

SINGAPORE (Oct 11): The managers of Frasers Hospitality Trust (FHT) say its rights issue was oversubscribed at 141.3% with valid acceptances and excess applications for a total of 624 million rights stapled securities received as at Oct 7.

The gross proceeds of $266.3 million raised are expected to be primarily used to fund FHT’s acquisition of Novotel Melbourne on Collins, the assets and business related to the hotel and the associated 72 car park lots for a total consideration of A$237.0 million ($245.4 million).

The rights issue, announced on Sept 9, offered 441.5 million new stapled securities in FHT at $0.603 each on the basis of 32 rights securities for every 100 securities held by unitholders.

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