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Frasers unit accepts affiliate's offer for Golden Land shares

Frasers Property Holdings (Thailand) Co. Ltd. tendered all its ordinary shares in Golden Land Property Development PCL pursuant to Frasers Property (Thailand) PCL's 8.50-baht-per-share takeover offer for its fellow Thai property developer.

The aggregate consideration payable to Frasers Property Holdings by Frasers Property (Thailand) for its 927,642,930 shares in Golden Land is about 7.89 billion baht, according to a release. The shares, which represent 39.92% of the target company's share capital, have a book value of about 6.48 billion baht and a net tangible asset value of about 6.34 billion baht.

Frasers Property Holdings is an indirect subsidiary of Frasers Property Ltd., while Frasers Property (Thailand) is an indirect associated company of the Singapore-based property group.

As of Aug. 7, US$1 was equivalent to 30.81 baht.