SINGAPORE (Reuters) - Shares in Frasers Centrepoint, the property arm of Singapore conglomerate Fraser and Neave, began their trading debut at $1.61 on Thursday following the company's spinoff from F&N, valuing it at around $4.6 billion.
Frasers Centrepoint has more than $10 billion in assets comprising a diverse portfolio of residential, commercial and hospitality properties. Fraser and Neave will be left with its food and beverage, and publishing and printing businesses.
Frasers Centrepoint ranks below Keppel Land and Overseas Union Enterprise in market value.
Analysts are optimistic on Frasers Centrepoint as it has a big portion of unrecognised sales from pre-sold projects in Singapore, Australia and China.
F&N is controlled by Thai billionaire Charoen Sirivadhanabhakdi, who is also the biggest shareholder in Thai Beverage Pcl.