Frasers Property to sell its 40 percent Golden Land stake for around S$351 million

Thai baht notesThai baht notes

Frasers Property said Wednesday its indirect wholly owned subsidiary FPHT has tendered its 927.64 million shares in Golden Land Property, marking a 39.92 percent stake, to Frasers Property Thailand for 7.89 billion Thai baht, or around S$350.6 million.

That was based on the tender offer price of 8.50 baht per Golden Land share, Frasers Property said in a filing to SGX.

In May, Frasers Property (Thailand) announced its intention to offer to acquire all of Golden Land Property, in a deal that would value the company at 19.75 billion baht.

At the time, Frasers Property (Thailand) held 927.64 million Golden Land shares, equivalent to a 39.92 percent stake.

Frasers Property Thailand is an indirect associated company of Frasers Property, the filing said. Frasers Property’s aggregate direct and deemed interest in Frasers Property Thailand is 80.77 percent, while its aggregate effective interest is 58.57 percent, it added.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.