{"id":93767,"date":"2018-07-13T10:41:44","date_gmt":"2018-07-13T03:41:44","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/frasers-property-buys-75-stake-in-vietnamese-developer-for-s47-33m\/"},"modified":"2018-07-13T15:03:30","modified_gmt":"2018-07-13T08:03:30","slug":"frasers-property-buys-75-stake-in-vietnamese-developer-for-s47-33m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/frasers-property-buys-75-stake-in-vietnamese-developer-for-s47-33m\/","title":{"rendered":"Frasers Property buys 75% stake in Vietnamese developer for S$47.33m"},"content":{"rendered":"


\nSingapore\u2019s Frasers Property, formerly known as Frasers Centrepoint, has agreed to conditionally acquire a 75 percent stake in a Vietnamese developer for VND799 billion (approx. S$47.33 million) in cash, revealed an SGX filing on Thursday (12 July).
\nThe acquisition will be undertaken by its indirect wholly-owned unit Frasers Property Investments (Vietnam) 2, which intends to purchase 45 million ordinary shares in Phu An Dien Real Estate Joint Stock Company (PAD) from Tran Thai Lands Company.
\n\u201cPAD will undertake the development of a residential-cum-commercial project on a plot in Linh Trung Ward, Thu Duc District, Ho Chi Minh City, Vietnam that will be held by PAD.\u201d
\nThe selling price was arrived on a willing-buyer, willing-seller basis based on PAD\u2019s estimated net asset value upon completion of the deal, taking into account the worth of the mixed-use project.
\n\u201cThe proforma net asset value of PAD based on its unaudited financial statements is expected to be VND1,065.3 billion (approx. S$63.11 million) on completion of the proposed acquisition.\u201d
\n\u201cThe consideration is subject to adjustments in accordance with the terms of the agreement. It will be fully satisfied in cash on the occurrence of stipulated events as set out in the agreement and will be funded by the group\u2019s internal cash resources and\/or external bank borrowings.\u201d
\nUpon completion of the transaction, PAD will become a subsidiary of Frasers Property. The deal is also not expected to have any material impact on the group\u2019s net tangible assets per share or earnings per share for the present financial year.
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Frasers Property buys 75% stake in Vietnamese developer for S.33m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore\u2019s Frasers Property, formerly known as Frasers Centrepoint, has agreed to conditionally acquire a 75...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-93767","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-oon","jetpack-related-posts":[{"id":112831,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-look-at-the-frasers-logistics-and-frasers-commercial-merger\/","url_meta":{"origin":93767,"position":0},"title":"A look at the Frasers Logistics and Frasers Commercial merger","date":"December 3, 2019","format":false,"excerpt":"\r Robert Wallace of Frasers Logistics and Industrial says there are scale benefits to the merger of his firm with Frasers Commercial.\r \r Source : cnbc.com\r Read more...A look at the Frasers Logistics and Frasers Commercial merger","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116996,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/frasers-property-secures-350mil-green-loan-for-its-executive-condo-project\/","url_meta":{"origin":93767,"position":1},"title":"Frasers Property secures $350mil green loan for its executive condo project","date":"June 9, 2020","format":false,"excerpt":"\r Obtained via its subsidiary, Fernvale Lane, the loan marked the group\u2019s tenth green financing initiative and the first green loan for an EC development in Singapore. 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