Frasers to buy 40 per cent stake in Thai commercial developer

George Sell By George Sell
11 October 2016 | Updated 11 October 2016

Thailand: Frasers Centrepoint is planning a US$379 million investment in TICON Industrial Connection Public.

Frasers Centrepoint (FCL), the parent company of Frasers Hospitality, has signed a conditional agreement with the Thai company, in a deal which could help Frasers Centrepoint extend its presence beyond the residential and commercial properties into Thailand's industrial asset class and also grow its overseas income.

TICON develops and owns factories and warehouses in Thailand.

Frasers plans to subscribe for up to 735 million new TICON shares in a private placement at 18 Thai baht per share for a total consideration of 13.23 billion Thai baht.

Following the deal completion, a Frasers Centrepoint subsidiary will own about 40 per cent in TICON.

FCL group chief executive Panote Sirivadhanabhakdi said in a statement: "Thailand is one of FCL's selected secondary markets which we believe offers growth prospects."

The potential investment will be Frasers biggest since the £363.4 million pound acquisition of the Malmaison Hotel du Vin group of boutique hotels in June 2015.

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