ThaiBev, Frasers Property in joint venture for potential 2.2b baht investment

THAI Beverage (ThaiBev) and Frasers Property have established a 50:50 joint venture (JV) company in Thailand with an initial registered capital of 50 million baht (S$1.9 million).

Among others, the JV company will explore a potential 2.2 billion baht share subscription for a 50 per cent stake in BetterBe Marketplace, a wholly-owned indirect subsidiary of Thailand-listed The Siam Cement Public Company Ltd.

This will be subject to satisfactory due diligence and the requisite approvals with no certainty or assurance that the potential investment will materialise, said both companies in their respective bourse filings on Tuesday (Aug 16).

Named Must Be Company Ltd, the JV entity is 50 per cent-owned by 2 of Frasers Property’s subsidiaries in Thailand, Frasers Property Holdings (49.9 per cent) and Frasers Property Technology (0.1 per cent).

The remaining 50 per cent of Must Be Company is held by 2 wholly-owned subsidiaries of ThaiBev, Open Innovation (49.99 per cent) and Mee Chai Mee Chok (0.01 per cent, or 1 ordinary share in the JV company).

Frasers Property is an associated company of ThaiBev, with both companies having certain common directors.

SEE ALSO

ThaiBev to revive unit's US$2b Singapore IPO, sources say

ThaiBev defers brewery unit listing, cites ‘challenging’ market

Frasers Property snags S$2.3b in pre-sold revenue for residential projects in 9M FY22

The 2 companies said they have incorporated Must Be Company with an aim to “collaborate in the advancement of technologies and digitisation” of both parties. This includes investing in third-party technologies and businesses that are complementary to the groups’ key businesses.

Shares of ThaiBev ended Monday S$0.005 or 0.8 per cent higher at S$0.66, while Frasers Property closed at S$1.04, down S$0.01 or 1 per cent.