Frasers to invest $520m in Thai firm
PROPERTY group Frasers Centrepoint Limited (FCL) has inked a conditional deal for its unit to invest 13.23 billion baht (S$520 million) in Thai-listed industrial property developer Ticon Industrial Connection, it said in a Singapore Exchange filing yesterday.
FCL said its unit has proposed to invest in Ticon via a private placement at a subscription price of 18 baht per share, representing a premium of 13.6 per cent over Ticon's 30-day volume weighted average price.
Following the completion of the transaction, its unit will hold around 40 per cent of Ticon's enlarged share capital, it added.
FCL shares rose half a cent to $1.495 on Friday.
THE BUSINESS TIMES