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Frasers Property affiliate secures majority control of Golden Land

Approximately 94.5% of the shareholders of Golden Land Property Development PCL accepted Frasers Property (Thailand) PCL's 8.50-baht-per-share takeover offer.

Frasers Property (Thailand), an indirect associate of the Singapore-based Frasers Property Ltd., will pay roughly 18.67 billion baht for 2,195,898,701 tendered Golden Land shares, according to an Aug. 15 news release.

The tendered shares have a book value of about 15.84 billion baht and a net asset value of nearly 15.51 billion baht.

Earlier in August, Frasers Property's Frasers Property Holdings (Thailand) Co. Ltd. indirect subsidiary tendered all of its ordinary shares in Golden Land for the acceptance of the offer. It is set to receive approximately 7.89 billion baht from the transaction.

As of Aug. 15, US$1 was equivalent to 30.82 baht.