SINGAPORE (Oct 10): Property company Frasers Centrepoint Limited (FCL) says its subsidiary, Frasers Property Holdings (Thailand) (FPHT), on Friday signed an agreement to subscribe for up to 735 million new shares of TICON Industrial Connection Public Company Limited for THB 13.23 billion (S$520 million). TICON is a Stock Exchange of Thailand (SET) listed developer and owner of industrial properties in Thailand, currently owning and managing 2.5 million sqm of industrial space. The company is also the sponsor of three property funds and a REIT in Thailand with combined assets under management of THB 32.4 billion. “TICON is a strategic fit for FCL and provides a platform for FCL to harness its industrial know-how to capture opportunities in the industrial properties sector in Thailand and the AEC region,” he adds. In December last year, the group acquired 29.5% of another SET-listed property company, Golden Land, through a 4.97 billion baht (S$196 million) new capital injection.

Source: The Edge Markets October 10, 2016 03:33 UTC