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FRASERS Centrepoint on Thursday said that shareholders of Thailand-listed Golden Land Property Development have approved the group's proposed 4.97 billion baht (S$196 million) investment in the Golden Land at an extraordinary general meeting.
The shareholders also granted a whitewash approval to waive FCL from having to make a mandatory tender offer for all of Golden Land's securities.
Golden Land develops residential and commercial property. Like FCL, it focuses on growing recurring income, as well as capturing the broad-based residential market in the mid-income segment. Golden Land focuses mainly on single- and semi-detached housing and townhouse residential projects in metropolitan Bangkok, as well as mixed-used commercial and hospitality projects in the central business district of Bangkok.
FCL said it sees favourable macro factors that will be positive for real estate over the long term and hopes to leverage its controlling shareholders' home market advantage to access these opportunities.
Following the completion of the investment, FCL will hold about 29.5 per cent of Golden Land's enlarged share capital.