FCL to pump S$520m into Thai industrial property developer

PROPERTY group Frasers Centrepoint Limited (FCL) has inked a conditional deal for its unit to invest 13.23 billion baht or about S$520 million in Thailand-listed industrial property developer Ticon Industrial Connection, it said in a Singapore Exchange filing on Monday morning.

FCL said its unit has proposed to invest in Ticon via a private placement at a subscription price of 18 baht per share, representing a premium of 13.6 per cent over Ticon's 30-day volume weighted average price.

Following the completion of the transaction, its unit will hold around 40 per cent of Ticon's enlarged share capital, it said. FCL shares rose half a cent to S$1.495 on Friday.