FPT Approves the Acquisition of UVRM for ฿32Mn to Further the Investment in Real Estate
FPT Approves the Acquisition of UVRM for ฿32Mn to Further the Investment in Real Estate.
Frasers Property (Thailand) Public Company Limited (FPT) would like to inform you that the Meeting of the Board of Directors of the company on 6 November 2020 has resolved to approve the acquisition by Golden Land Property Development Public Company Limited (Purchaser), a subsidiary of FPT, of all of the shares in Univentures REIT Management Co., Ltd. (UVRM), which is a real estate investment trust manager (REIT manager), in an amount of 100 percent of all of the shares in UVRM from Univentures Public Company Limited (Seller), a connected person of the company, having the total value of THB 32,000,000.
Due to the delay in making an official announcement to the Stock Exchange of Thailand since the approval from the Board of Directors on November 6, 2020, the company stated that despite the fact that the Board of Directors of the Company has resolved to approve the entering into the Share Purchase Transaction on 6 November 2020, the Share Purchase Transaction cannot be disclosed and the Board of Directors of the Seller has not resolved to approve such transaction; therefore, the company did not disclose to the Stock Exchange of Thailand (SET) immediately after the approval of the Board of Directors of the company.
Nevertheless, after the board of directors of the Seller has resolved to approve the Seller’s entry into the Transaction and the Purchaser and the Seller execute the shares purchase agreement in relation to the Share Purchase Transaction today.
The Board of Directors has considered this matter and opines that the entering into of this investment is appropriate and will generate benefits for the company, as it is in line with the growth strategy of the company to invest in and develop the real estate business.
UVRM operates its business as the trust manager of Golden Ventures Leasehold Real Estate Investment Trust (“GVREIT”), in which GVREIT invests its capital, funded by general investors, long-term loans, and rental guarantees.