Frasers Property (Thailand) Public Company Limited (SET:FPT) make an offer to acquire the remaining 5.23% stake in Golden Land Property Development Public Company Limited (SET:GOLD) for THB 1 billion on September 20, 2019. Under the term, Frasers Property will acquire remaining 121.63 million shares of Golden Land Property Development for THB 8.55 per share. The offer per share was adjusted to THB 8.50. Frasers Property made payment of THB 746.4 million for tender offer on July 24, 2020. Tender offer will launch in order to delist Golden Land Property Development. If all the shareholders of Golden Land Property Development accept the offer Frasers Property will use the total amount of THB 859.32 million from its retained cash.

The transaction is subject to shareholders' meeting of Golden Land Property Development passes a resolution approving the delisting of shares from being securities listed on the SET with the votes not less than three-fourth of the total issued shares of Golden Land Property Development. The delisting of shares from being securities listed on the SET must be approved and/or waived by the relevant authorities, including the SET, financial institutions, debenture holders, and other contractual parties in the related agreements (if necessary). The transaction was resolved by the board of directors of Golden Land Property Development on September 20, 2019. The transaction was approved by the board of directors of Frasers Property on September 20, 2019. The shareholder meeting of Golden Land Property Development for the delisting of shares will take place on October 7, 2019. The transaction has been approved by the shareholders of Golden Land Property Development Public Company Limited and that the delisting of GOLD shares has been approved by the stock exchange.

As on May 12, 2020, Board of Directors of Frasers approved this tender offer. The tender offer will expire on July 23, 2020. As of July 7, 2020, the payment for the offer will be done by July 29, 2020. The Maybank Kim Eng Securities (Thailand) Public Company Limited acted as a financial advisor to Golden Land Property Development. Phatra Securities Plc acted as a tender offer agent and the financial adviser for Frasers Property.

Frasers Property (Thailand) Public Company Limited (SET:FPT) completed the acquisition of the remaining 5.23% stake in Golden Land Property Development Public Company Limited (SET:GOLD) on July 23, 2020.