Frasers Property Limited Announces Significant Capital Injections into BetterBe Marketplace Co., Ltd.

Key Highlights

• Frasers Property Limited (“FPL”) is executing substantial capital injections into its joint venture company Must Be Company Limited (“JV Co”), which directly invests in BetterBe Marketplace Co., Ltd. (“BetterBe”).
• The JV Co, established in partnership with Frasers Property Technology (Thailand), Open Innovation Co., Ltd., and Mee Chai Mee Chok Co., Ltd.—subsidiaries of Thai Beverage Public Company Limited (“ThaiBev”)—holds 50% of BetterBe, with the other half owned by SCG Marketplace Holding Company Limited, part of The Siam Cement Public Company Limited group.
• FPL’s subsidiary, Frasers Property Holdings (Thailand) Co., Ltd. (“FPHT”), has entered into a new shareholder loan agreement to make available up to Baht 349.3 million (approx. S\$14.0 million) to the JV Co, as part of a total commitment of up to Baht 938.6 million (approx. S\$37.7 million).
• FPHT also received a promissory note from the JV Co for Baht 589.3 million (approx. S\$23.7 million).
• The capital injections will be used by the JV Co to support its investment in BetterBe, furthering the joint venture’s strategic project on technology and digitalisation in the property and beverage sectors.

Detailed Investment Structure

The shareholding breakdown in the JV Co as of the announcement is:

• FPHT: 49.9%
• Frasers Property Treasury Center (Thailand) Co., Ltd. (“FPTCT”): 0.1%
• Open Innovation Co., Ltd. (“OI”): 49.99%
• Mee Chai Mee Chok Co., Ltd. (“MM”): 1 ordinary share

JV Co itself holds 50% of BetterBe, with the rest held by SCG Marketplace, an indirect subsidiary of The Siam Cement Public Company Limited.

The JV Co’s project aims to leverage the combined expertise of Frasers Property Group and ThaiBev Group to invest in third-party technologies and businesses complementary to their core operations. BetterBe operates a leading online marketplace in Thailand (“NocNoc”) and Indonesia (“Renos.id”), focusing on home building and improvement products and services, and utilises advanced AI technology for a seamless e-commerce experience.

Strategic Rationale and Financial Commitment

• The capital injections are a follow-up to previous investments and agreements, including a Baht 1,953 million (approx. S\$76.1 million) share subscription by the JV Co in BetterBe and a Baht 1,150 million (approx. S\$46.2 million) shareholder loan facility made available to BetterBe.
• SCG Marketplace is expected to make equity injections into BetterBe on the same terms as the JV Co, maintaining the 50:50 ownership structure.
• These transactions are designed to support BetterBe’s continued growth and expansion in the Southeast Asian e-commerce market for home improvement goods and services.

Potential Price-Sensitive Developments for Shareholders

• The transactions constitute “interested person transactions” under the Singapore Exchange Listing Manual, given the close links between FPL, ThaiBev, and their major shareholders and directors. This increases scrutiny and may impact perceptions of governance and related-party risk.
• The aggregate value of the new capital injections and financial commitments related to this transaction is approximately S\$40.3 million, representing about 0.46% of FPL’s latest net tangible assets as at 30 September 2025.
• The Audit Committee has affirmed that the terms of the transactions, including shareholder loans, are on normal commercial terms and not prejudicial to the interests of the company or its minority shareholders.
• This move signals a strategic commitment to the digital transformation of FPL’s and ThaiBev’s businesses and could enhance FPL’s exposure to fast-growing digital platforms in the region, potentially impacting long-term value for shareholders.

Governance and Oversight

The investment structure and the transactions have been reviewed by the company’s Audit Committee, which has reiterated that the risk and reward sharing among JV partners is proportional to their equity stakes, and the terms are fair and on normal commercial terms.

Conclusion

This announcement represents a significant expansion of FPL’s investment in digital marketplaces and technology-driven ventures with strategic partners in Thailand and the broader Southeast Asian market. The scale of capital commitment and the high-profile nature of the joint venture partners make this a development that investors should closely monitor for potential impacts on FPL’s future growth, earnings profile, and share price.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The information provided is based on the latest available data as of 26 December 2025 and may be subject to change.

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