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Frasers Centrepoint Limited (FCL) has further increased its stake in TICON Industrial Connection Public Company Limited, a Thailand-listed industrial property developer, revealed an SGX filing on Thursday (18 May).
In October 2016, FCL’s wholly-owned subsidiary Frasers Property Holdings (Thailand) Co Ltd agreed to acquire a 40.07 percent stake in TICON for THB13.23 billion (approx. S$520 million).
Through open-market transactions in the Stock Exchange of Thailand (SET), the unit has purchased or intends to acquire an additional 2,100,700 shares in TICON in four tranches on 18, 19, 22 and 23 May 2017 for a total of THB27.36 million (S$1.1 million).
The consideration will be paid in cash and funded by FCL’s internal resources.
Upon completion of the acquisitions, FCL stake in TICON is expected to edge up to 40.19 percent from 40.07 percent previously.
As of 31 March 2017, TICON’s book value and net tangible asset stood at THB24.721 billion (approx. S$996.4 million) and THB24.718 billion (S$996.3 million), respectively.
FCL said in a SGX filing last October that the industrial property developer has built factories and warehouses in 18 industrial estates and 33 logistics locations throughout Thailand. It currently owns and manages approximately 2.5 million sqm of industrial space.
TICON is also the sponsor of three listed property funds and a listed REIT in Thailand with combined assets under management of approximately THB32.4 billion (approx. S$1.3 billion).
This article was edited by Denise Djong.
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