MISCELLANEOUS :: CLARIFICATIONS ON MEDIA REPORTS
* Asterisks denote mandatory information
Name of Announcer *
FRASER AND NEAVE, LIMITED
Company Registration No.
189800001R
Announcement submitted on behalf of
FRASER AND NEAVE, LIMITED
Announcement is submitted with respect to *
FRASER AND NEAVE, LIMITED
Announcement is submitted by *
Anthony Cheong Fook Seng
Designation *
Company Secretary
Date & Time of Broadcast
02-Jan-2014 20:35:32
Announcement No.
00154
ANNOUNCEMENT DETAILS
Announcement Title *
Clarifications on Media Reports
Description
The Company refers to the reports in the Business Times today, "Frasers sets sights on overseas expansion" and in the Straits Times today, Frasers Centrepoint to boost presence in Thailand.
The reports identify a potential new core market, Thailand, and go on to note that Frasers Centrepoint Limited (FCL) and the Thai Charoen Corporation group of companies and entities (the TCC Group or TCC) are jointly exploring the possibility of building two or three mixed-development projects in Bangkok.
As highlighted in the introductory document dated 28 October 2013 (the Introductory Document), while Singapore will remain important as FCLs home market, it intends to strengthen its presence in China and Australia which are presently its two other core markets, and to increase its exposure in, among others, Thailand, where it envisages tapping the domestic market access and insight of the TCC Group to identify and develop suitable projects in various property segments.
The Company wishes to inform that discussions are at a preliminary stage and while there is an intention to expand FCL's overseas reach, including to Thailand, there has been no agreement so far on any specific joint project with TCC in this regard.
The Straits Times article also states that FCL has been asked by TCC to manage its portfolio of about 15 hotels outside Thailand and that part of that may be injected into the hospitality REIT. As stated in the Introductory Document, FCL has been in discussions with the TCC Group to acquire and/or manage 3,700 keys/rooms of the hospitality assets owned by the TCC Group outside Thailand over the next three years, and exploring the setting up of a hospitality REIT. While FCL is in discussion with TCC Group to include some of TCCs assets in the proposed hospitality REIT, these discussions are ongoing and no decision has been made on the final portfolio to be injected into the REIT or whether the transaction will take place.
The Straits Times article further states that FCL is currently reviewing its partnership with Krungthep Land Public Company Limited (KLand) with Mr Lim quoted as saying that FCL is working towards "an amicable solution to the current situation" in order to focus on its tie-up with TCC. The Company wishes to clarify that there has been no decision in this regard and any decision on its partnership with KLand will be made after careful consideration and discussion with its joint venture partner.
The appropriate announcements will be made in due course in the event of any material development in relation to the above.
In the meantime, investors are advised to exercise caution in dealing with the shares of Fraser and Neave, Limited and when listed, the shares of FCL.
By Order of the Board
Anthony Cheong Fook Seng
Company Secretary
2 January 2014
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