Frasers Centrepoint to pump up to half a billion into Thailand's Ticon

Singapore

IN HIS first major move since taking over the reins at mainboard-listed property developer Frasers Centrepoint Limited (FCL) at the start of this month, new group chief executive officer Panote Sirivadhanabhakdi has inked a conditional deal for FCL to pump up to 13.23 billion baht or about S$520 million into a listed Thai industrial property developer.

The investment, if it goes through, would make FCL the single largest shareholder of the company, Ticon Industrial Connection, which is listed on the Stock Exchange of Thailand (SET) and had a market capitalisation of 18.7 billion baht as at Oct 7.

The announcement came after Ticon was last week reported to be an acquisition target for Mr Panote's father Charoen Sirivadhanabhakdi…