F&N to spin off property arm Frasers Centrepoint to its own shareholders

Conglomerate Fraser and Neave (F&N) will list its property arm Frasers Centrepoint Limited (FCL) on the Singapore Exchange mainboard.

Shareholders will get a dividend in-specie distribution of two FCL shares for every F&N share they own.

The listing of FCL is expected to happen in November or December after an extraordinary general meeting.

Following the dividend in-specie distribution, F&N will no longer have an interest in FCL.

F&N said in a statement that the distribution and listing exercise would provide "sharper focus" on the growth of its beverage business and its property business as independently listed entities.