Frasers Property unit to lend up to 938.6 million baht to JV with two ThaiBev units

[SINGAPORE] Frasers Property Holdings (Thailand), a subsidiary of Frasers Property , has agreed to lend around 938.6 million baht (S$37.7 million) to Must Be Company, a joint venture with Frasers Property Technology (Thailand) and two Thai Beverage (ThaiBev) units.

The capital injections comprise a loan facility of up to 349.3 million baht, based on the 49.9 per cent stake that Frasers Property Holdings (Thailand) owns in the JV; and a separate sum of 589.3 million baht that the subsidiary has made available in favour of the JV, said Frasers Property on Friday (Dec 26).

The capital injections will be used to support the JV’s purpose of advancing the technology and digitalisation of both Frasers Property Group and Thai Beverage Group, including through investments in third-party technologies and businesses complementary to both parties’ key businesses.

Frasers Property said that the capital injections will be used to support the JV’s investment in BetterBe Marketplace, which the JV holds a 50 per cent stake in.

BetterBe operates an online marketplace in Thailand under the name NocNoc and one in Indonesia under the name Renos.id. It specialises in home building and improvement products and services, and provides an e-commerce platform that incorporates artificial intelligence technology, Frasers Property noted.

The company added that SCG Marketplace, which owns the remaining 50 per cent stake in BetterBe, will also make equity capital injections in proportion to its stake.

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SCG Marketplace is an indirect wholly owned subsidiary of Siam Cement, which is listed on the Thai stock exchange.

Shares of Frasers Property ended Friday flat at S$1.14, before the news; shares of ThaiBev closed on Friday S$0.005 or 1.1 per cent higher at S$0.46.