Bangkok--4 Mar--CPN
The Board of Directors of Central Pattana Public Company Limited (CPN) today unanimously approved the 1 for 1 par split of the Company’s shares, and the issuance of up to 130.4 million new ordinary shares post par split, representing no more than 2.9% of CPN’s enlarged share capital. The capital raising will strengthen CPN’s financial status and reaffirm its position as Thailand’s leading retail property developer.
CPN will conduct a par split where the Company’s par value will be reduced from THB 1 per share to THB 0.5 per share and the total number of shares outstanding will increase from 2,178,816,000 shares to 4,357,632,000 shares post split.
Subsequent to the par split, the Company will offer and allocate up to 130.4 million new ordinary shares to institutional investors and/or specific investors under the private placement regulation. The offering price will be determined via bookbuild to achieve a market driven price. The funds raised will allow CPN to pursue new investment opportunities, in addition to earlier announced investment plans.
Mr. Kobchai Chirathivat, President & Chief Executive Officer of CPN, said “CPN is a growth-driven company and an important factor in the development and growth of Thailand and Thai society. The Company’s projects help boost Thailand’s growth in many aspects, particularly promoting the nation’s economy, increasing Thailand’s GDP, building growth in communities, creating jobs, and leading to relevant investments in residential, real estate, and commercial projects. CPN is constantly looking for growth by evaluating and considering multiple investment opportunities. Our objective in making investments is to offer the world-class rewarding experience for our customers, as well as generate superior return to shareholders”
“We believe that this is the right time to engage in a capital increase which will allow us to capitalise on investment opportunities while maintaining financial discipline and balance sheet strength. As Thailand’s leading retail developer, CPN has a strong track record in delivering growth and return to its shareholders” Mr. Kobchai added.
The par split, capital increase and private placement are subject to approval by the Company’s annual general shareholders’ meeting scheduled for April 26, 2013 at 2.00 pm at the Bangkok Convention Centre, 5th Floor, CentralPlaza Lardprao (Plaza Zone).