Frasers Logistics and Commercial Trust (SGX:BUOU) experienced a significant drop in its stock price, plummeting 3.13% during Thursday's intraday trading session. This downward movement has caught the attention of investors and market analysts alike.
The sharp decline appears to be directly linked to the trust's recent announcement regarding the issuance of new units. According to a filing with the Singapore Exchange, Frasers Logistics and Commercial Trust issued 386,833 new units to its manager at SG$0.8436 per unit. This issuance was made as payment for divestment fees amounting to SG$326,333, relating to the divestment of minority interests in various companies holding properties in Europe.
The introduction of these new units into the market has likely contributed to the stock's decline, as it potentially dilutes the ownership stakes of existing unitholders. Following this issuance, the manager's interest in the trust has increased to 19,200,207 units. Investors appear to be reacting negatively to this development, as reflected in the significant drop in the trust's unit price during the trading session.
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