Bangkok--Feb 23--Francom Asia
The CEO of Raimon Land Mr. Nigel J. Cornick today announced that the company had entered into an Agreement to acquire 37 rai 1 ngan 20 square wah located on Bang Tao Beach Phuket for Baht 559.50 million. The agreement is subject to shareholder approval.
The 37 rai site has approximately 200 metres of direct beachfront to Bang Tao Bay and shares boundaries with the world renowned Amanpuri Resort.
Commenting on the proposed acquisition Mr. Cornick stated, “There can be few such opportunities left in Phuket to acquire freehold land of such quality, the superb views, beach frontage and close proximately to Amanpuri make the site a developers’ dream, one which Raimon Land will turn into a world class residential development.”
Mr. Cornick went on to add “With this latest acquisition Raimon Land now has three prime water front development sites, the others being Northpoint on Wongamart Beach, Pattaya and the 13 rai River Front site next to the Peninsula Hotel in Bangkok. The combined value of these projects is approximately Baht 15.00 billion securing at least three years development revenues for the company.”
It is anticipated shareholder approval for this development will be sought at the AGM scheduled for April 2006.
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
PRESS ENQUIRIES :
Mr. Nigel J. Cornick
Chief Executive Officer
Raimon Land Public Company Limited
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 Limited
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]
For more information please contact:
Nuttaporn Tangwongsan
Francom Asia Ltd.
Tel. (66) 02 233 4329 / 30 / 38 / 39 , 02 267 0820, 02 636 8339
Fax (66) 02 236 8030
E-mail: [email protected] Website: www.francomasia.com End.