Far East Hospitality Trust prices IPO at S$0.93 a unit

Far East Organization has priced an initial public offering of its hospitality trust at 93 cents a unit. 

That's the top of a range of what the private property developer indicated earlier. 

Earlier this month, Far East Hospitality Trust plans to sell about 706 million stapled securities to cornerstone, institutional and retail investors at a price range of 86 to 93 cents a security. 

A stapled security is a combination of a Reit unit and a business trust unit. 

Sources told Dow Jones Newswires that the Reit will register its final prospectus with the Singapore central bank tomorrow and the offer will open to the public on Friday. 

They said the Reit is scheduled to be listed on the 27th of this month. 

The IPO is part of Far East Organization's plans to restructure and grow its hospitality and health-care businesses. 

Far East Hospitality will hold seven hotels and four serviced residences in its initial portfolio, including Orchard Parade Hotel, Albert Court Village Hotel and Central Square Village Residences.