Bangkok--Sep 9--Kim Eng
The property development company is ready to resume trading under management of K.C. Group after meeting Stock Exchange of Thailand (SET) criteria. -Four Seasons Hotel, Rajdamri Road
Mr. Apisit Ngamachariyakul, Chairman of Executive Board and Managing Director — K.C. Property Pcl, said that K.C. Property Plc. has met all criteria set by SET and is expected to resume trading in the normal sector by late of September 2005 after getting an official approval from the SET. K.C. Group initially started off being in plywood material trading along with commercial property construction for sales and stepped into real estate development business in 1982 with emphasis on single-detached housing and townhouse development, which have been well-received by the market. Moreover, it expanded the business to include contractor business and project management. Since the company has invested in Modern Home Development Plc. in late 2003, it has continuously performed well as follows: Q4 2003 and 2004 shows operating profits of 132.08 million Baht and 932.77 million Baht, respectively, normalized earnings of 16.51 million Baht and 223.34 million Baht or 12.49% and 23.90% of total revenue, respectively. For the latest result, H1 2005, the company realized operating revenue of 584.97 million Baht, and net profit of 104.71 million Baht or 17.90% of total revenue. So far in 2005, the company has opened 8 projects. As of June 30th 2005, there are on-going projects total of 19 projects — 5,780 units - worth over 11,000 million Baht with 1,130 million Baht being sold and awaiting delivery to customers. In addition, the company still has 2 single-housing and townhouse projects expecting to open within this year and early 2006 worth approximately 1,880 million Baht.
Mr. Montree Sornpaisal, Chief Executive Officer of Kim Eng Securities Plc., as a Financial Advisor, added that K.C. Property Plc. is a leading real estate developer with management of over 22-year experience in the business and has achieved international standard and long customer confidence. The company will resume trading in the normal category of SET under the management of KC Group, symbol ‘KC’. Presently, the company has registered capital of 1,100 million Baht with 875 million Baht paid-up capital. It has 875 million shares at par value of 1 Baht, adjusted from 5 Baht on August 26, 2005.
“The company has been authorized to sell additional shares not exceeding 45 million Baht. However, due to downtrend market condition and loans already obtained from financial institutions, which has satisfied its current capital needs without adversely affecting business operation, the company has decided to delay the issuance.” Montree Sornpaisarn, CEO-Kim Eng Securities (Thailand) Plc.
Corporate Communication Dept.,
Kim Eng Securities (Thailand) Plc.
Tel. 02-658-6300 Ext. 5180, 7401 , 7402 End.