FAR East Consortium International (FEC) has made its first foray into the Thai property market, paying $300 million for 55 per cent of a commercial block to be built in Bangkok.
The building is being bought from Thai International Modern Builders Co (TIMB), a Thai property company and associate of the ATM Group.
The $300 million will be settled by selling TIMB approximately 25 million shares in Far East Holdings International at $2.40 a share, two Canadian properties worth $60 million and a balance payment of around $180 million in cash.
Far East Consortium managing director David Chiu said while the group's investments were focused on Hong Kong, China and Malaysia, it would continue to explore the vast investment opportunities available in other parts of Southeast Asia.
''In our opinion there are good buying opportunities in Thailand at this time. The acquisition of the Thai commercial property and the disposal of our Canadian properties fully reflects the group's strategy and our commitment to the region.
''We are proud of our record of judgment on timely investment,'' said Mr Chiu.