Frasers Property Investment in Vietnam, a wholly-owned subsidiary of Frasers Property Limited has just agreed to acquire 75 per cent stake, equivalent to 45 million ordinary shares of Phu An Dien Real Estate JSC from Tran Thai Lands Company with an amount of $35 million.
Frasers Property is a multi-national company that owns, develops and manages a diverse, integrated portfolio of property assets across Singapore, Australia, Southeast Asia, China and Europe.
The agreement was accomplished based on a willing-buyer, willing-seller principle formed on the forecasted net asset value of Phu An Dien Real Estate JSC (PAD) at completion, considering the value of the property.
Upon the completion of the agreement, PAD will undertake the development of a residential-cum-commercial project on a plot in Linh Trung Ward, Thu Duc District, Ho Chi Minh City.
Additionally, after the acquisition is concluded, the proforma net asset value of PAD established on unaudited financial statements of PAD is estimated to be around $46.2 million.
The agreement is not anticipated to have any material influence on the group’s net tangible assets per share or earnings per share for the present financial year. Once the agreement is completed, PAD will then become a subsidiary of Frasers Property Limited.
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