Far East considers Singapore IPO

Business | Bloomberg and Stella Zhai 29 Nov 2019

Property operator Far East Consortium International (0035) is mulling a real estate investment trust listing in Singapore to raise as much as 500 million Singapore dollars (HK$2.85 billion), people with knowledge of the matter said.

The company announced it plans to list certain properties in Australia, Singapore, Malaysia and the United Kingdom as a stapled trust group made up of a real estate investment trust and a business trust.

Far East Consortium is working with advisers on the potential sale of trust units backed mainly by hotels under the Dorsett brand.

The initial public offering could take place as early as the first half of 2020, the people said.

The company's net profit for the six months ended September 30 rose 16 percent from a year ago to HK$715 million with hotel revenue sliding 10.3 percent, said the company. Revenue for the period surged 75 percent to HK$5,121 million.

Earnings per share increased by 13.4 percent to 30.4 HK cents during the period and an interim dividend of 4 HK cents was declared.

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