Frasers Property (Thailand) acquires nearly 95 percent of Golden Land Property

Thai baht notesThai baht notes

Frasers Property (Thailand) has acquired 94.50 percent of Golden Land Property in its tender offer for the Thailand-listed property company, Singapore-listed Frasers Property said in a filing to SGX Thursday.

In May, Frasers Property (Thailand) announced its intention to make a tender offer for all of Golden Land Property in deal that had valued the company at 19.75 billion baht; the offer was for around 8.50 baht each for all of Golden Land’s 2.32 billion shares.

Earlier this month, Frasers Property said its indirect wholly owned subsidiary FPHT tendered its 927.64 million shares in Golden Land Property, marking a 39.92 percent stake, for 7.89 billion baht.

Frasers Property (Thailand)’s aggregate consideration for all of the tendered Golden Land shares is around 18.67 billion baht, or around S$830 million, the SGX filing Thursday said.

Because Frasers Property (Thailand) is an indirect associated company of Frasers Property, the Singapore-listed company said Thursday its aggregate deemed interest in Golden Land has risen to around 94.5 percent.

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