Bangkok--18 Jan--PRDD
Virapan Pulges remains as CEO to lead TICON to become an industry leader in ASEAN
TICON has announced the appointment of four new members of the Board of Directors after the recent partnership with Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) who invested 13.23 billion baht to acquire the company's 40% stake.
On 16 January 2017, TICON's Board of Directors appointed 4 new directors including Mr. Panote Sirivadhanabhakdi, Mr. Chotiphat Bijananda, Mr. Uten Lohachitpitaks and Mr.Chainoi Puankosoom, replacing the four resigning directors, namely Mr. Virapan Pulges, Mr. Jirapongs Vinichbutr, Mr. Nate Charanvas and Mr. David Desmond Tarrant. Mr.Chainoi, a new independent director, was also elected as the new Chairman of the board.
Mr. Virapan Pulges remains as the CEO of TICON Group to continue his proactive roles in driving business growth of TICON domestically and internationally, and ensuring that all strategic expansion plans are on track. . He is responsible for growing TICON's leadership in providing total industrial property solutions to customers. The new capital injection of Baht 13.23 billion by FPHT will strengthen the company's overall financials and really push it to become a frontrunner in industrial properties development industry in ASEAN.
As a result, TICON's shareholding has changed. FPHT, Rojana Industrial Park Public Company Limited and City Realty Group currently hold 40%, 26.10% and 4.22% stake respectively. The rest is held by board members, management and general public shareholders.
TICON's CEO Virapan Pulges said, "This capital increase has been impressively successful, thanks to the fact that shareholders realize long-term benefits of the acquisition by FPHT who has business presence in diverse real estate development industries. Particularly, FPHT, subsidiary of Frasers Centrepoint Limited (FCL), possesses an industry expertise in industrial properties development, coupled with a progressive know-how for further growth of the business and a large customer base with high future demand for warehouses in Thailand and abroad. These enable the company to fully benefit from the business partnership and enhance competiveness of TICON whose corporate goal is focused on expanding and strengthening business presence in international markets as well."
Mr. Virapan also said, "FCL has an extensive experience and expertise in integrated properties management in many countries around the world, including Singapore, United Kingdom, Japan, China and Australia. The company is well positioned to apply its practical knowledge to further develop and support our business. We are pleased to have Mr. Sopon Racharaksa and Mr. Tim Edwards representing FPHT in our senior management team. Their experiences will be very valuable to our team to enhance the executions and operations including the quality of our building and services to our customers. The new capital will initially be used for debt repayment and investment in projects both in Thailand and abroad, especially in ASEAN markets. This is in line with strategic business expansion plans of other companies within FCL Group."
"TICON believes that the recent change in the Board of Directors will better our strategic directions and business performance, thanks to our combined strengths in financial operations including REIT management as well as industry experiences and expertise in integrated real estate projects. Our leadership in industrial properties management, particularly a strong foundation in the development of industrial spaces in Thailand and neighboring ASEAN countries, can enable us to maintain steady business performance in the future and achieve our goal for growth. We are certain that we will be able to become one of the industrial development leaders in ASEAN in the near future." said Virapan.