TODAY'S HEADLINE
F&N SELLS FRASERS PROPERTY (CHINA) STAKE
Entire 56.05% holding in HK'listed 'rm sold for HK$1.654b to subsidiary of Shanghai'listed Gemdale Corp  Fraser and Neave (F&N), the subject of a takeover bid by Thai tycoon Charoen Sirivadhanabhakdi, had announced the sale of its stake in Hong Kong'listed subsidiary Frasers Property (China).

F&N sold its entire 56.05 per cent stake, or 3.85 billion shares, in the property and business park developer for HK$1.654 billion (S$260 million) in cash to Famous Commercial, a wholly owned subsidiary of Shanghai'listed Gemdale Corporation that is engaged in real estate development and distribution.

Famous Commercial's unsolicited o'er of HK$0.43 per share represents a premium of about 82.4 per cent over the volume'weighted average price of HK$0.236 per share for the 30 days leading up to Sept 11, the day a joint announcement was made regarding the potential sale.

The price was arrived at after taking into account factors such as the trading price of Frasers Property, the net asset value of the sale shares and other relevant business and market considerations, F&N said in its announcement.

The move is part of the group's strategic intent to rationalise and consolidate the corporate and operating structures of its China business into a single unlisted business arm, the group said. F&N's wholly owned property investment holding subsidiary Frasers Centrepoint Limited (FCL) currently operates in China through Frasers Property and other private companies.

Said FCL's CEO Lim Ee Seng: "This unsolicited o'er gives us an opportunity to monetise the group's stake in Frasers Property at an attractive price." An earlier attempt in July to take Frasers Property private had failed, after independent shareholders rejected the deal based on advice from the independent 'nancial adviser, which called the terms of the HK$0.28'a'share o'er "not fair and reasonable".

NEWS BUZZ
Olam International (S$2.08) 
Raises US$500m via notes issuance
Olam International has priced a US$500mil issuance of 've'year senior notes, after an intraday book'building exercise resulted in an oversubscribed order book of US$1.6bil. The o'ering was priced at a 'nal coupon of 5.75% per annum will be payable semi'annually in arrear, it had attracted diverse participation with 130 investors placing orders from not only private banking accounts but also institutional investors such as fund managers and banks, which collectively were allocated 30% of the o'ering. The notes will be issued this month on Sept 20, and are expected to mature on Sept 20, 2017. The senior notes were issued under the US$2 billion Euro medium'term note (EMTN) programme set up by Olam on July 6. According to Olam, the notes will be issued at 100% of their principal amount and in denominations of US$200,000 and integral multiples of US$1,000 in excess thereof.

CapitaLand (S$3.18) 
Prices US$400m bonds
CapitaLand announced that it has priced US$400mil bonds, due 2022, at a coupon of 4.076%. This will be issued under the $5bil Euro Medium Term Note Programme it established on Aug 3. Over 200 institutional investors participated in the deal, with many from Hong Kong and Europe, said CapitaLand. This marks the 'rst time that CapitaLand is tapping the USD bond markets. The proceeds will be used for re'nancing existing borrowings, 'nancing of investments and general corporate purposes.

Koon Holdings (S$0.205) 
Buys Johor properties
Koon Holdings said that it had entered into a share sale agreement with Ang Sin Liu Construction (Pte) Ltd to acquire the entire issued share capital of Malaysian companies Metro Coast Sdn Bhd, Triumph Heights Sdn Bhd, Unison Progress Sdn Bhd, and Seven Star Development Sdn Bhd. The consideration for the acquisition is $17mil. The acquired companies own two vacant lands, a retail unit in Kota Point Shopping Complex and a property consisting of 10 pieces of vacant land. The properties are in Johor. The company had said that it planned to develop them for sale as commercial units.

ARA's Dynasty Reit  
Gets IPO green light  
Dynasty Reit, which will be the 'rst dual'currency IPO here, has received the go'ahead from the SGX to raise about $800mil but is currently being reviewed by the MAS and is subject to its approval. Dynasty Reit is expected to provide investors the 'exibility to trade units in either yuan or Singapore dollars via SGX's dual'currency platform.
Source: The Business Times

Source: AmFraser