Bangkok--21 Apr--Infinity Communications
NPARK complete share acquisition agreement with BTSGand confirm name change to “U City Public Company Limited”U CITY remains focused on real estate business and moves forwardwith new developments planned.
Natural Park Public Company Limited (NPARK) recently completed the agreement to acquire BTS Assets Company Limited and KamKung Properties Company Limited – companies owned by BTS Group Holding Public Company Limited (BTSG) – and together with NPARK will be renamed as U City Public Company Limited (U CITY) of which BTS will retain a 35.64% shareholding.
Mr. Nakorn Laksanakarn, Managing Director, Natural Park Public Company Limited commented that “Today we would like to announce that Natural Park has completed the official agreement with BTS Group Holdings Public Company Limited, and starting today (20 April), our new company name will be U City Public Company Limited, and trading under our new SEC notation of “U” will begin before the Annual General Meeting on 28 April.”
From this agreement with BTSG, NPARK will acquire new assets that include Eastin Grand Hotel Sathorn on Sathorn Road, a luxury 390-room hotel, approximately six rai of land near Phaya Thai Road close to Phaya Thai BTS station and the Airport Rail Link (Makkasan), and approximately 11 rai of land on Phaholyothin Road close to Mo Chit BTS station. Total asset value is 9,404.08 Million Baht which are owned by BTS Assets Company Limited and KamKung Properties Company Limited.
In return, NPARK will issue 200,086,877,212 ordinary shares at 0.047 Baht per share (35.64% of shareholding) and the issuance of the warrant (NPARK-W2) 100,043,438,606 units to BTS Group Holdings Public Company Limited.
NPARK's current executive management remain as executive management for U CITY and U CITY will continue its commitment to real estate business. The first development under the U CITY brand will be on Phaya Thai Road, close to the Phaya Thai BTS station and the Airport Rail Link (Makkasan).
“The land plot on Phaya Thai Road has very high development potential due to its prime location and that it is connected to Phaya Thai BTS station and the Airport Rail Link (Makkasan). Our plan consists of developing office space for rent, hotel and retail. The project will respond to the high demand for office space in the area and to the increase of business travellers and tourists after the opening of the Asean Economic Community later this year. With a development value of almost 10 Billion Baht, we will launch soon and start construction in 2015,” Mr. Nakorn added.