SINGAPORE: Frasers Hospitality Trust has said the $1.35 billion deal has fallen through after failing to gain shareholder support.
The deal narrowly missed the required approval from shareholders after only 74.88 per cent voted in favour. To pass, the shareholder vote had to be 75 per cent.
Earlier this year the wholly-owned subsidiary of Frasers Property, had proposed to take the trust private through a trust scheme of arrangement. At the time both Frasers Property and Frasers Hospitality Trust said the privatisation was being done in view of poor market conditions and challenges faced by the hospitality group following more than two years of the pandemic.
Frasers Hospitality Trust owns $2 billion worth of hospitality assets including serviced apartments and hotels in key Asian, Australian and European cities.
