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

SET announces 63 listed firms, five CEOs nominated for SET Awards 2018

63 listed companies and five CEOs have been nominated for SET Awards 2018. The announcement and the award presentation, which is the fifteenth of its kind, will take place on November 27, 2018. SET President Pakorn Peetathawatchai said that The Stock...

Fitch Ratings: Global Power Synergy Still on Watch after Appeal of Regulator Decision

The ratings on Global Power Synergy Public Company Limited (GPSC) remain on Rating Watch Negative (RWN) after the company said it submitted an appeal of the Energy Regulatory Commission's (ERC) order to block GPSC's acquisition of GLOW Energy Public...

Fitch Affirms Makro#s Rating at #A(tha)#; Outlook Stable

Fitch Ratings (Thailand) Limited has affirmed Siam Makro Public Company Limited's National Long-Term Rating at 'A(tha)'. The Outlook is Stable. KEY RATING DRIVERS Overseas Expansion Drives Rising Leverage: Makro's funds from operations (FFO) adjusted...

Fitch Affirms CP ALL#s Ratings at #A(tha)#; OutlookStable

Fitch Ratings (Thailand) Limited has affirmed retailer CP ALL Public Company Limited's National Long-Term Rating at 'A(tha)' with a Stable Outlook. Fitch has also affirmed the National Long-Term Rating of its secured bonds at 'A(tha)', the National...

KTC achieves major milestone with a net profit of 3.911 billion Baht in Q3,with preparations in motion to diversity into Nano and Pico Finances.

KTC declares a net profit for the end of Q3 of 3.911 billion Baht. Profits have grown 65 percent due to a surge in credit card spendings, receivables from credit cards and personal loans, along with the upholding of approval standards within appropriate...

Related Topics