Bangkok--Sep 28--Francom Asia
Today Raimon Land Plc (RAIMON) announced that they had formed a joint venture to acquire a 100% stake in Taksin Hotel Holding Company (THH) a company originally established to develop a 12 rai 3 ngan 41 sq. wah riverfront site, on Charoennakorn Road, Bangkok.
The CEO of RAIMON, Mr. Nigel J. Cornick outlined the nature of the transaction as follows:-
Company Acquired
The joint venture has acquired a 100% stake in Taksin Hotel Holding Company (THH) which holds 100% of Taksin Properties Company Limited (TPC) the owner of the 12 rai 3 ngan 41 sq. wah riverfront land.
Joint Venture Partnership
The parties forming the joint venture and their respective holdings in THH :-
Raimon Land Plc 49%
Norrison Developments Limited 35%
Bangkok Property Investment Pte Limited 14%
Contemporary Property Company Limited * 2%
(* Contemporary Property Company Limited is a wholly owned subsidiary of Raimon Land Plc.)
Development Plans
The 20,564 sq. m. site which has a frontage of approximately 120 metres to the Chaopraya River was originally to be developed as a Ritz Carlton Hotel however these plans were shelved in the mid 1990’s. The new joint venture are proposing developing a high end residential project with units for sale and or rent, it is envisaged the development will be launched in 2006 with completion towards the end of 2008 early 2009. The value of the completed development will be in the region of Baht 5 Billion.
Commenting on the transaction Mr. Cornick stated “The investment in this joint venture by Raimon Land is a significant step forward in securing long term development revenues, we have been pursuing a number of opportunities during the year of which this transaction has always been a priority” going onto add Mr. Cornick said “Our joint venture partners and ourselves agree this site is the best remaining parcel of land on the Chaopraya River, its close proximity to the Saphan Taksin BTS, Sathorn and Silom CBD, 5 star hotels including The Peninsula, Oriental and Shangri La all contribute to the prime characteristics of this location. We are confident that the development will become a landmark for not only Bangkok but South East Asia”.
Also commenting on the transaction Mr. Robert W. McMillen, CEO of Seamico Securities Plc. and an Executive Director of Raimon Land said “As indicated during 2005 Raimon has been completing it’s existing projects and looking to invest funds back into the market, the successful rights issue in July which raised Baht 224 million together with existing cashflow has enabled Raimon to secure a superb development opportunity in joint venture with substantial new partners, the latest acquisition reinforces Seamico’s confidence in Raimons long term future”.
Further information
RAIMON shares are listed on the Stock Exchange of Thailand and its major shareholders include Seamico Securities Plc., one of Thailand’s largest stock brokers. Further information concerning the Company can be obtained from its website at www.raimonland.com
Norrison Developments Limited is a property investment company based in Hong Kong and Bangkok Property Investment Pte Limited is a private investment company registered in Singapore.
MEDIA ENQUIRIES :
Mr. James Ward
Nuttaporn Tangwongsan
Raimon Land
PRC/O Francom Asia
Tel: 662 233 4338 or 39
Fax: 66 2 236 803
E-mail: [email protected]
Mr. Nigel J. Cornick
Chief Executive Officer
Raimon Land Public Company Ltd.
22nd Floor, The Millennia Tower
62 Langsuan Road, Pathumwan,Bangkok 10330
Tel: +66 (0) 2651-9600 to 4
Fax: +66 (0) 2651-9614
E-mail : [email protected]
Khun Kitti Tungsriwong
Chief Operating
Officer Raimon Land Public Company
Ltd.22nd Floor, The Millennia Tower
62 Langsuan Road, Pathumwan,Bangkok 10330
Tel : +66 (0) 2651-9600 to 4
Fax : +66 (0) 2651-9614
E-mail : [email protected] End.