CPN acquires 50% of GLAND shares and announces Tender Offer at 3.10 Baht per Share

Stocks and Financial Services Press Releases Thursday September 13, 2018 15:54
Bangkok--13 Sep--Central Pattana

Central Pattana Public Company Limited (CPN) announced the acquisition of 50.43% of GLAND shares at the amount of 10 billion Baht and prepares to table a tender offer for the remaining shares of GLAND at 3.10 Baht per share. The acquisition will bolster CPN's business expansion plan through mixed-use development to support and reinforce the value of its shopping mall business.

Mr. Preecha Ekkunagul, President and Chief Executive Officer of CPN, stated that CPN Pattaya Co., Ltd., a subsidiary of CPN, has acquired shares of Grand Canal Land Public Company Limited (GLAND) from its major shareholders for the proportion of 50.43% of total shares at 3.10 Baht per share, or a total amount of 10,162 million Baht, and will prepare a mandatory tender offer for the remaining shares. The acquisition of GLAND, a developer of properties for sale and for rental and services comprising office buildings, hotel, residential and retail area, as well as several real estate projects under development and land bank, will support CPN's growth strategy through mixed-use development projects to provide return to shareholders in the long-term.

Ms. Naparat Sriwanvit, Chief Financial Officer and Senior Executive Vice President - Finance, Accounting & Risk Management of CPN, revealed that CPN will make a tender offer for the remaining 3,221 million shares, or 49.57% of GLAND's total shares, at the price of 3.10 Baht per share, or for a total amount up to 9,987 million Baht. The transaction will be wholly funded by loans from financial institutions. CPN will submit a declaration of intent to acquire a controlling interest of the business within 1 day after the announcement is made public and will submit a tender offer within 7 days after the declaration of intent to acquire a controlling interest of the business.

CPN has set a 5-year (2018-2022) growth strategy that aims to achieve a compounded annual growth rate (CAGR) in revenue of at approximately 13% per year. The strategic direction to expand the business through mixed-use development, such as new shopping malls, enhancement of existing shopping malls, rental rate escalations, incremental gains from operations management, and residential project development, are key drivers to realize the target. Furthermore, CPN studied the opportunities to expand its business internationally to accommodate its sustainable growth aspiration.

Latest Press Release

In Ukraine, Labor, Taxation, and Social Policies Must Be Upgraded to Address Rising Inequality, Says World Bank

WASHINGTON, September 25, 2018 – Social inequality across the regions of Ukraine is low, but the social gap in urban and rural areas remains wide, according to a new World Bank report. Toward a New Social Contract calls for a fundamental rethinking...

Focus on China-CEE Cooperation During Prague Leg of CEIBS Europe Forum

The historic Prague Castle was the venue for a frank and fruitful discussion on how China and the countries of Central and Eastern Europe can work together to drive mutual economic growth. Attended by about 200 participants, the event saw keynote...

African Leaders, the World Bank Group, and partners catalyze action to ensure that everyone in Africa has a digital identity by 2030

NEW YORK, September 25th, 2018 - African leaders, the World Bank Group, the United Nations, and other development partners met today on the sidelines of the UN General Assembly for the African Leaders Roundtable on Identification for Development to...

Photo Release: KBank joins hands with partners to create K PARK, a new form of lifestyle space for suburban communities

KBank unveils the first K PARK on Hathairat 33 Road by teaming up with three business giants, namely, PTT (PTT gas station and Cafe Amazon), SCG Express and Amarin Printing and Publishing to open a new lifestyle space which offers delightful experiences...

CIMB Group Chairman to Step Down by 31 December 2018

CIMB Group ("CIMB" or "the Group") today announced that its Chairman, Dato' Sri Nazir Razak, will step down from his position as Group Chairman, and all other positions within the CIMB group of companies by 31 December 2018. The CIMB Board of Directors...

Related Topics