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Frasers Property JV closes tender offer for Ticon Industrial

The tender offer of Frasers Assets Co. Ltd., a joint venture company established by Frasers Property Ltd., for the shares it does not already own in Ticon Industrial Connection PCL closed May 17.

A total of 411,153,659 Ticon shares were tendered, representing a 22.42% stake in the target. The total consideration for the offer stands at 7.36 billion baht with each share priced at 17.90 baht.

Following the closing of the offer, Frasers Property increased its stake in Ticon to 89.46%, representing 1,640,857,278 shares, from 67.05%.

The Singapore-listed diversified developer launched the offer in early April after it completed the purchase of a 26.1% interest in the Thai company from Rojana Industrial Park PCL, triggering the mandatory bid. As mentioned previously, Frasers said it has no intentions to make significant changes to Ticon Industrial's board and that as of April 25, it has not decided on its future plans for the company.

As of May 17, US$1 was equivalent to 32.12 baht.