THE manager of Frasers Centrepoint Trust (FCT) on Thursday (Jun 27) named Annie Khung as its chief financial officer (CFO).
With effect from Aug 9, she succeeds Audrey Tan, who completes her tenure the day before.
Khung will report directly to Richard Ng, chief executive officer of Frasers Centrepoint Asset Management (FCAM).
As CFO, she will work with the board and management team to provide support for the execution of FCT’s strategy and be responsible for its financial performance.
She will be also accountable for the overall finances of FCT and FCAM, including overseeing financial, taxation, treasury and compliance functions.
“With her extensive experience in finance and auditing, and knowledge of Singapore Exchange listing rules and Reit (real estate investment trust) compliance, we are confident Annie will add to our strength,” said Ng.
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Khung is a chartered accountant of the Institute of Singapore Chartered Accountants and a member of Certified Practising Accountant Australia.
She graduated from the University of Adelaide, South Australia, with a Bachelor of Commerce (Accounting) and a Bachelor of Finance.
She has more than two decades of experience in financial and management reporting, corporate finance, consolidation, taxation, treasury, capital management, compliance and audit.
After starting her career as an auditor with EY, she went on to join Far East Hospitality Trust and Keppel Infrastructure Trust, where she gained expertise in managing and leading finance teams for Reits.
She joins FCAM from Frasers Logistics & Commercial Asset Management, the manager of Frasers Logistics & Commercial Trust, where she holds the position of head of finance.
As at Mar 31, 2024, the Reit’s aggregate leverage stood at 38.5 per cent with an all-in average cost of debt of 4.2 per cent. Its interest coverage ratio stood at 3.26 times.
Of S$2.04 billion of FCT’s total borrowings, 84.3 per cent comprised unsecured bank borrowings with 12.3 per cent being secured bank borrowings.
The remaining 3.4 per cent of total borrowings are from the issue of medium-term notes.
About S$70 million worth of medium-term notes are due in FY2025, with S$250.5 million of secured bank borrowings due in the same year.
A total of S$459.9 million of debt due in FY2026 is entirely from unsecured bank borrowings.
Units of FCT were trading unchanged at S$2.12 as at 11.24 am on Friday.
