Frasers Property Limited (FPL), at the close of its rights issue on March 25, received valid acceptances and excess applications of 982.9 million rights shares, or 90.6% of the 1.09 billion rights shares available under the rights issue.

The applications include the ones put in by TCC Assets (TCCA) and IBIL, which represent about 86.63% of the 1.09 billion rights shares.

IBIL is 100%-owned by International Beverage Holdings Limited (IBHL), which is, in turn 100%-owned by Thai Beverage (ThaiBev).

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The shares are expected to be credited to the shareholders’ accounts by April 5.

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A total of 5.9 million “nil-paid” rights for the rights shares which would otherwise have been provisionally allotted to ineligible shareholders have been sold “nil-paid” on the mainboard of the SGX-ST.

Shares in FPL closed 3 cents higher or 2.5% up at $1.22 on March 29.