Bangkok--15 Mar--Hermes Communication
-Split par value to solve un-liquidate situation
- Selling its none core golf course in Chon Buri
- Pay dividend of 0.03 bht. per one-baht-par-value share
- Issue free warrant at 25 existing shares for one warrant
Grand Canal Land Public Company Limited’s board of directs’ meeting approved the management to purchase 21 land plots with total 14.25 rai, worth 1,930 million baht, at the location of Grand Praram 9 from Charernkit Enterprise Co., Ltd and 31 rai land plot, worth 297 million baht from Grand Fortune Company Limited to serve its future expansions.
According to Miss Romani Boondicharern, G Land’s Deputy Managing Director, the board of directors’ meeting also approved the plan to split par value of share from 4 baht each to 1 baht as a result of the low liquidity of G Land share on the stock market.
“We have to admit that our shareholders have not released their shares to the stock market because they have been confident the firm’s management and projects. So the board has to approve our proposal to increase the liquidity to four times,” she said.
“Also the purchases of land plots in the Grand Praram 9 and the Grand Canal Donmuang will be for our future expansions,” said Miss Romani.
The meeting also approved the payment of dividend at 0.03 baht per one-baht-par-value share plus stock dividends of 37 existing one-baht-par-value shares to one ordinary share. Moreover, the board also seeks approval from shareholders’ meeting to issue warrants to the existing shareholders at the ratio of 25 existing one-baht-par-value shares to 1 unit of Warrants No.1.
The Record Date on which the shareholders shall have the rights to receive Warrants No.1 is on 29 March 2011 whereby the Company's share register book will be closed on 30 March 2011 for collecting shareholders’ names pursuant to Section 225 of the 1992 Securities and Exchange Act (as amended). The offering of said Warrants No.1 will be made after the Company completes the registrations of the changing of the par value of shares. In this regard, the company will calculate the amount of Warrants No. 1 to be offered to each shareholder eligible to receive such Warrants as if the Company has changed the par value of shares already.
The board also agreed the plan to sell 70% share of Khao Kheow Country Club Company Limited, the operator of 27-hole golf course on 600 rai in Chon Buri to BBTV Equity Company Limited as the golf course is not core business of G Land. This deal will generate 520 million baht revenue with 40 million baht profit to G Land.
Miss Romani said all decisions from the meeting of the board would be considered and final approved by the shareholders’ meeting on April 28, 2011.
Currently, G Land develops the Grand Praram 9 project on 67 rai of land on the intersection of Ratchada Pisek Road and Praram 9 Road. The project will comprise Central Plaza Praram 9, office building project and residential condominium project, Bell Avenue, part of which held by Charernkit Enterprise Co., Ltd. G Land is also developing the Grand Canal Donmaung, a residential project in Donmaung.
Now, G Land enjoys 57% sales of the 2,740-million-baht Bell Avenue, under the project of Grand Praram 9, and G Land will realize revenue from the sales by the end of this year.
For more information, please contact: Virat Threeranurat
Hermes Communication Company Limited
Telephone: 02 954 4305 Email:
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