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TIH to pump US$5m into vehicle to invest in Thailand real estate deal
TIH Limited, formerly known as Transpac Industrial Holdings, entered into a shareholders' agreement on Wednesday with three wholly controlled subsidiaries of investment funds managed by Argyle Street Management Limited (ASML) to invest in Chang Chun Road Limited (CCRL).
CCRL is formed solely for the purpose of participating in a deal relating to real estate in Thailand.
The total capital commitment is US$22 million, of which TIH's share is US$5 million representing 22.73 per cent interest in CCRL. The funds of ASML did not have any existing equity interest in CCRL prior to the agreed transaction.
TIH's share of the investment represents a 6.79 per cent of its latest audited net tangible asset value.