Frasers Commercial Trust, the office landlord partly owned by Fraser and Neave, dropped to its lowest level in a month after saying it is selling shares to existing shareholders at a 60% discount.

The stock slipped 4.2% to 23 cents as of 9:52 a.m., set for its lowest since May 26.

The company said it will raise $888.9 million by borrowing from banks and issuing shares to refinance existing debts and buy an office building from its parent Fraser and Neave.

Frasers Commercial said it is selling 2.25 billion shares at 9.5 cents each to existing shareholders, who are entitled to buy three new shares for each share held.