Bangkok--5 Apr--Ogilvy Public Relations Worldwide
Mr. Suriyon Poolvoralaks, Managing Director, Major Development Public Co., Ltd., Thailand’s leading real estate developer, revealed the operating results for 2005 with a total income of Baht 670.68 million and net profit of Baht 44.16 million. The figures demonstrate the company’s growth over recent years, as compared to the income of Baht 686.28 million and net profit of Baht 12.2 million in 2004 and Baht 228.09 million income and Baht 2.32 million net profit in 2003 respectively.
The main reason for such constant growth is due to the company’s expansion and more income has been recognized from the selling of several property projects currently undertaken.
Major Development is currently developing 4 projects with a total value of Baht 8,550 million, comprising of the Fullerton Sukhumvit, worth Baht 1,600 million; the Watermark Chaophraya River Tower A, worth Baht 3,900 million; the Manhattan Chidlom, worth Baht 1,250 million and the Watermark Chaophraya River Tower B, worth Baht 1,800 million.
Two future projects that are currently under preparation are a high-rise residential building in Thonglor Soi 10, expected to be released in the first quarter of 2007, and a high-rise residential complex in Sanambin Nam area, Nonthaburi, to be rolled out in the last quarter of 2007.
Mr. Suriyon stated that the company decided to get listed in the Stock Exchange of Thailand in order to raise funds to finance its expansion plans. Major Development has transformed into a public company on 27 December 2005, with a registered capital of Baht 700 million, comprising 700 million common shares with a par value of 1 Baht per share. Its paid up registered capital is Baht 500 million Baht.
The company submitted listing and public offering applications to the Securities and Exchange Commission on 31 March 2006. The public offering includes 245 million shares, divided into 200 million capital increased shares and 45 million existing shares, with a par value of 1 Baht per share. The total share offering value is accounted for 35 % of the paid-up registered capital.
Seamico Securities Plc. has been appointed as Major Development’s financial advisor, securities distributor and guarantor.
The objectives for the listing are to raise funds for use in present and future project development, paying off debts with financial institutions and as working capitals.
Major Development Pcl. was founded by Poolvoralaks family in 1999 to undertake property development business, with management team separated from Major Cineplex Group, the family’s original entertainment business.
The company’s first projects in 2001 were the Garden View Cluster Home, worth Baht 136 million and the Hampton Thonglor 10, worth Baht 946 million, both sold out within short period. The other four projects, as mentioned earlier, have continued with extensive progress and all have been partially sold.
Every Major Development’s projects are well-received and successful, with their unique selling point, professional development and selling team, unbeatable locations, strong focus on high profile customers as well as innovativeness as added value to the property.
Issued on behalf of : Major Development Public Company
Limited
For more information : Titigunya Kongphon
( [email protected] )
Major Development Public Company Limited
Tel. 0 2392 1111 ext. 115
Ruanrudee Taweepol
( [email protected] )
Ogilvy Public Relations Worldwide
Tel. 0 2205 6620