FRASERS Property has proposed to undertake a renounceable non-underwritten rights issue on the basis of 37 rights shares for every 100 existing shares, at an issue price of S$1.18 for each rights share. It will allot and issue up to 1.09 billion rights shares, and if fully subscribed, will raise net proceeds of about S$1.28 billion. Already, two of Frasers Property’s controlling shareholders, TCC Assets (TCCA) and Thai Beverage Public Co (ThaiBev) have given an irrevocable undertaking to subscribe for an aggregate of 940.17 million, or 86.63 per cent of the rights shares. TCCA – which holds a 58.51 per cent stake in the company – is subscribing for some 634.98 million shares. In the case of ThaiBev, its indirect wholly-owned subsidiary, InterBev Investment (IBI) – which controls 28.12 per cent of Frasers Property – will subscribe for 305.19 million rights shares, being IBI’s entitlement of rights shares. The issue price of the rights shares represents a discount of 4.8 per cent to the closing price of...