SINGAPORE : Thai billionaire Charoen Sirivadhanabhakdi is looking to raise at least US$500 million (15.97 billion baht) by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N), people with knowledge of the matter said.
The real estate investment trust (REIT) would hold serviced residences owned by F&N and hotels held by the Thai beer baron's TCC Assets Ltd such as the InterContinental Hotel in Singapore.
The listing would also mark the first step towards the merging of F&N's assets and Mr Charoen's business empire after the Thai tycoon won control of the Singapore drinks-and-property conglomerate early this year in an $11-billion deal. Mr Charoen controls F&N through TCC and Thai Beverage Plc.
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