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Frasers Property owners may sell company as part of strategic review: WSJ

Felicia Tan
·1-min read

A spokesperson from FPL declined to comment, saying that the group does not comment “on market speculation or rumours."

The majority owners of Frasers Property Tq5 (FPL) could sell the company as part of a strategic review, says The Wall Street Journal.

The review is said to be part of FPL’s shareholders’ efforts to raise capital and to pare down their debt from the acquisitions it made in the last few years, according to the paper’s sources. The review is also said to be at its initial stages with no confirmed outcome.

A spokesperson from FPL declined to comment, saying that the group does not comment “on market speculation or rumours."

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For the FY2023 ended Sept 30, 2023, FPL reported earnings of $123.2 million, down 85.9% y-o-y. During the 2HFY2023, the group reported a loss of $74.0 million mainly due to non-cash, unrealised net fair value losses of $441.8 million on the group’s properties in the UK, Australia and the European Union (EU).

The group’s net asset value (NAV) as at Sept 30, 2023 stood at $2.52, down from the $2.64 a year ago.

Cash and cash equivalents as at the same period stood at $2.66 billion.

Chairman Charoen Sirivadhanabhakdi is deemed to have an interest in an 87.0% stake in FPL through his stakes in fellow Singapore Exchange S68 (SGX)-listed Thai Beverage Y92 (ThaiBev) and TCC Assets, which is unlisted.

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