Frasers Property buys more shares in Frasers Property Thailand

SINGAPORE-LISTED Frasers Property Limited (FPL) continues to raise its stake in Frasers Property Thailand (FPT), which is listed in Thailand.

On Wednesday, FPL picked up 620,400 shares of FPT on the open market at an average price of 15.04 Thai baht (S$0.67) through wholly-owned subsidiary Frasers Property Holdings (Thailand).

On Thursday, FPL expects to complete the open-market purchase of another 538,200 FPT shares at an average price of 15.26 Thai baht per FPT share, it said in a filing to the Singapore Exchange on Wednesday. 

On Friday, FPL expects to complete the open-market purchase of a further 432,500 FPT shares at an average price of 15.44 Thai baht per FPT share, it added.

Altogether, FPL will pay S$1.09 million in cash for the FPT shares, which will raise its stake in FPT to 80.89 per cent as at Dec 20, up from 80.82 per cent as at Dec 17.

Last Friday, FPL had announced that it was buying S$0.67 million worth of shares in FPT at prices from S$0.65 to S$0.67 apiece which would raise its stake in FPT from 80.77 per cent to 80.82 per cent as at Dec 17.

In Singapore, FPL shares rose two Singapore cents or 1.18 per cent to S$1.71 on Wednesday.