Bangkok--Mar 31--Hemaraj Land And Development
Hemaraj Land And Development PLC, a leading Thailand industrial estate,
property and utility developer, announced that at a meeting of its Board of
Directors held on 30th March 2005, it was agreed to enter into a Shareholders
Agreement to acquire twenty five percent (25%) of the issued share capital of SIL
Industrial Land Co., Ltd., with an option to acquire the remaining seventy five
percent (75%) of SIL’s total shares, by way of a joint venture with Cementhai
Property (2001) PLC, a subsidiary of The Siam Cement Public Company Limited.
Completion is planned to take place on the 29 April 2005, subject to Hemaraj
shareholder approval. The joint venture agreement between the 2 parties will be
signed on April 4, 2005.
SIL Industrial Land Co., Ltd. is an industrial park developer with a
significant customer base of the Siam Cement group companies. SIL has Assets of
approximately Baht 1,700 million and Shareholders Equity of approximately Baht
1,000 million at Completion and owns or will own approximately 4,700 rai. 2,070
rai of the mentioned land are in SIL Industrial Zone, Saraburi Province; and
2,630 rai of land in RIL Industrial Zone, Rayong Province through Rayong
Industrial Land Co., Ltd., a company which will become a wholly owned subsidiary
of SIL upon completion. This includes developed and undeveloped land for sale
as well as land with utilities.
At the Hemaraj shareholders meeting, the Company will propose
to increase the registered capital to 15 billion shares with up to 125 million
shares for the initial SIL purchase and a reserve of up to 750 million shares for
the SIL option shares, being up to 875 million shares in total. The outstanding
shares of Hemaraj as of 30 March 2005 are 6,043 million shares and 3,665 million
outstanding warrants, representing a maximum dilution of 12.65% and 8.27% fully
diluted with warrants.
After the agreement is finalized, Hemaraj Land And Development will
contribute its expertise in the joint venture by taking the responsibilities of
managing and operating the SIL and RIL Industrial Zones. SIL Industrial Zone in
Saraburi, is an ideal location of electronics cluster whereas RIL Industrial Zone
in Rayong, offers distinctive values from its BOI Zone 3 privileges and Map Ta
Phut Deep Sea Port proximity.
Mr. David Nardone, President and CEO of Hemaraj said that: “The
acquisition of SIL Industrial Land Co., Ltd. shares continues our strategy and
expansion for industrial estates with approximately 3,000 rai of new sellable
area in different strategic locations in Thailand. The joint venture will add 50
customers including additional customers from the Siam Cement group, as well as
utility and SME factory development opportunities. In perspective, after the
joint venture’s completion, Hemaraj will be in charge of developing and managing
6 industrial estates of approximately 30,000 rai (12,000 acres) with 280 customers.
We look forward to the management economies of this joint venture
development with Thailand’s leading industrial group in Siam Cement.”
Established in 1988, Hemaraj Land And Development Public Company
Limited is “the world class developer in Thailand”. Hemaraj’s core businesses
are industrial estate development, industrial estate utilities, SME factories
for lease and sale, and other utilities and industrial services including
facilities management. Hemaraj’s 4 industrial estates before the joint venture
with Cementhai Property (2001) include Eastern Seaboard Industrial Estate (Rayong),
Hemaraj Eastern Seaboard Industrial Estate (Rayong), Eastern Industrial Estate
(Map Ta Phut) and Chonburi Industrial Estate (Chonburi). The company has US 9
billion customer investment with 86 automotive companies as well as petrochemical
customers in its current industrial estates.
PRESS ENQUIRIES:
For more information concerning Hemaraj Land And Development Public
Company Limited, please visit our website at www.hemaraj.com or contact:
Mr. David R. Nardone Mr. Paopitaya Smutrakalin Ms. Chantana Hinkaew
President & CEO Director, Investor Relations Director, Corporate Marketing
Hemaraj Land And Development Plc. Hemaraj Land And Development Plc. Hemaraj Land And Development Plc.
18/F UM Tower, 9 Ramkhamhaeng 18/F UM Tower, 9 Ramkhamhaeng 18/F UM Tower, 9 Ramkhamhaeng
Suanluang, Bangkok 10250, Thailand Suanluang, Bangkok 10250, Thailand Suanluang, Bangkok 10250, Thailand
Tel: 662-719-9555 to 9 Tel: 662-719-9555 to 9 Tel: 662-719-9555 to 9
Fax: 662-719-9546 to 7 Fax: 662-719-9546 to 7 Fax: 662-719-9546 to 7
Email: [email protected] Email: [email protected] Email: [email protected]
www.hemaraj.com www.hemaraj.com www.hemaraj.com
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