FPT Acquires 10% of Singapore’s PBAI to Advance in Robotic/Automation Solutions Services
FPT has acquired a 10% stake of PBAI to provide operate a business in relation to providing robotics and automations solutions services for factories and warehouses.
Frasers Property (Thailand) Public Company Limited (FPT) has announced that on April 23, 2019, Frasers Property Thailand (International) Pte. Ltd., subsidiary of FPT, invested in ordinary shares of PBA International Pte. Ltd. (PBAI), which provides robotics and automations solutions services in Singapore, in the total amount of 10% of total shares of PBAI, by acquiring the shares from Y8P Pte. Ltd. (Y8P), major shareholder of PBAI, in the amount of 5% of the total shares and subscribing the newly-issued shares of PBAI in the amount 5% of the total shares.
Furthermore, Automation Asset Co., Ltd. (Automation Asset), subsidiary of Frasers Property Industrial (Thailand) Co., Ltd., which is FPT’s subsidiary, entered into a Joint Venture Agreement with PBA Systems Pte. Ltd (PBA Systems), subsidiary of PBAI in Singapore, to establish a new joint venture company (JV Co) as a private company limited in Thailand with the objective to operate a business in relation to providing robotics and automations solutions services for factories and warehouses.
In this regard, the shareholding structure of Automation Asset and PBA Systems in the JV Co will be 51% and 49% of the total shares of the JV Co respectively. Initially, the JV Co will have a registered capital at THB 1,000,000, consisting of 100,000 ordinary shares, with the par value of ฿10.00/share. The value of investment and development of the JV Co is still pending for the mutual agreement between both contracting parties.
