22 Sep '14, 2pm

Fragrance Group has plans to spin off its property biz in Australia & list it on S'pore's Catalist board. Full story:

FRAGRANCE Group has plans to spin off its property business in Australia and list it on Singapore's Catalist board. The property developer's share price rose to an intra-day high of 24.5 Singapore cents on Friday, before closing at 24 cents - up 1.5 cents or 6.7 per cent. It said in an announcement that the Singapore Exchange (SGX) has voiced no objections to the proposed spin off, but reserves the right to amend the decision as and when new information is provided. The group has appointed SAC Capital to advise it on the proposed restructuring, which is in its preliminary stages. Fragrance added that the proposed restructuring is dependent on the outcome of preparatory work, getting necessary approvals and market conditions. Therefore, there is no assurance that it will materialise in due course. The group entered the Australia market this year, and has so far acquired fou...

Full article: http://www.stproperty.sg/articles-property/overseas-prope...

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