Property group Frasers Centrepoint (FCL) is investing in Thai-listed Golden Land Property Development Public Company through the subscription of new shares.
Golden Land develops commercial and residential properties in Thailand, which include single and semi-detached housing, townhouse residential projects as well as mixed-used commercial and hospitality works. It also provides property advisory services in the country.
FCL says the stake would enable FCL to re-enter the Thai commercial and residential property markets.
Currently, Univentures Public Company holds a 55.7% stake in Golden Land. Adelfos Company, which is owned equally by Panote Sirivadhanabhakdi and Thapana Sirivadhanabhakdi, is a major shareholder of Univentures.
Panote is a director of FCL, and the two are also immediate family members of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, who are controlling shareholders of FCL.
Post subscription, FCL will hold 29.5% of capital while Univentures will hold the remaining 39.3%. FCL will pay Baht 4.97 billion ($197 million), at a subscription price representing a premium of 1.4% to the last closing price of Golden Land’s shares on Nov 6.
Golden Land has a book value of Baht 7.8 million which is expected to rise Baht 12.7 million with the acquisition.
FCL last traded at $1.66.
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Golden Land develops commercial and residential properties in Thailand, which include single and semi-detached housing, townhouse residential projects as well as mixed-used commercial and hospitality works. It also provides property advisory services in the country.
FCL says the stake would enable FCL to re-enter the Thai commercial and residential property markets.
Currently, Univentures Public Company holds a 55.7% stake in Golden Land. Adelfos Company, which is owned equally by Panote Sirivadhanabhakdi and Thapana Sirivadhanabhakdi, is a major shareholder of Univentures.
Panote is a director of FCL, and the two are also immediate family members of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, who are controlling shareholders of FCL.
Post subscription, FCL will hold 29.5% of capital while Univentures will hold the remaining 39.3%. FCL will pay Baht 4.97 billion ($197 million), at a subscription price representing a premium of 1.4% to the last closing price of Golden Land’s shares on Nov 6.
Golden Land has a book value of Baht 7.8 million which is expected to rise Baht 12.7 million with the acquisition.
FCL last traded at $1.66.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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