Frasers Centrepoint (FCL) has received the go-ahead from the Singapore Exchange to list on the mainboard by way of introduction.
The spin off of the real estate arm, which was announced in August, will result in a demerger of the property business of parent Fraser & Neave (F&N).
As the FCL shares will be listed by way of an introduction,
neither F&N nor FCL will receive cash proceeds from the listing.
F&N shareholders will enjoy direct equity ownerships and have flexibility to decide on their equity exposure in two independently-listed companies in distinct sectors, F&N said in a statement.
F&N will focus on growing its food and beverage business, as well as strengthening its position and extending its reach as a leading consumer group in Southeast Asia.
It believes Southeast Asia has tremendous untapped potential, and plans to further penetrate this market by continuing to develop its route to market and enhancing its product development capabilities in the region, while leveraging on strategic alliances with leading international brands.
On the other hand, the spin off will reinforce FCL's position as a full-fledged international real estate company with a diversified portfolio of residential, commercial and hospitality properties, F&N noted.
Post-listing, FCL is expected to be one of the largest listed property companies here by market capitalisation.