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Frasers Centrepoint to bump up stake in Thailand's Ticon to 40.19%
PROPERTY developer Frasers Centrepoint Limited (FCL) has further raised its stake in listed Thai industrial property developer Ticon Industrial Connection Public Company Limited.
The group had earlier pumped in 13.23 billion baht, or about S$520 million, into Ticon to hold around 40 per cent of Ticon's post completion enlarged share capital.
FCL said that its wholly owned subsidiary Frasers Property Holdings (Thailand) Co Ltd had on Thursday night completed the open-market purchase of 659,300 more Ticon shares.
It expects to conduct more such purchases on the open market between Thursday night and May 23, such that its interest in Ticon on May 23 will increase to 40.19 per cent, from 40.07 per cent before the purchases.
The total consideration of about 27.34 million baht (S$1.102 million) will be paid for in cash and funded through FCL's internal resources.