RELEASED: 13 Sep 2018 at 04:00
SET-listed Central Pattana Plc (CPN), the advancement arm of Central Group, has actually made a tender deal for all securities of Grand Canal Land Plc (GLAND) through completely owned subsidiary CPN Pattaya Co Ltd, in an offer that might be worth 20.15 billion baht.
A performance of Grand Canal’s G Tower on Rama IX Roadway. Central Pattana’s board authorized an acquisition of Grand Canal in an offer worth B20.15 bn.
CPN’s board of directors on Monday authorized an acquisition of 3.28 billion shares or 50.43% of overall released and impressive shares of Grand Canal by CPN Pattaya at a rate of 3.10 baht a share. The quantity deserves 10.16 billion baht.
After this deal is finished, CPN Pattaya is needed to make a tender deal for the staying quantity of 3.22 billion shares of Grand Canal, comparable to 49.56% of overall released and impressive shares, at a rate of 3.10 baht a share. The quantity is valued at 9.98 billion baht.
The acquisition was anticipated to be finished by the other day.
” After the tender deal, CPN is under a research study, which has actually not reached a conclusion, of de-listing Grand Canal from being a noted business on the Stock market of Thailand (SET),” CPN stated in a release. “If the matter [receives] information, details will be revealed to the SET.”
Funds for the acquisition will originate from loans and the working capital of CPN.
CPN thinks that the deal will bring advantages to itself and investors since the deal will reinforce the business’s monetary capability and broaden its capital base, therefore enhancing sustainable long-lasting returns, the business stated.
Grand Canal’s experience and proficiency will strengthen CPN’s competitiveness and support its financial investment in larger-scale jobs, which will considerably boost the development rate and operating outcomes, CPN stated.
Grand Canal has actually run in realty and building given that 2009. The business has jobs such as The 9 Towers Grand Rama 9 and the Shoppes@Ninth.
Other jobs consist of a skyscraper under advancement called The Super Tower and a residential or commercial property job under the name of The Belle Sky Condo.
CPN shares closed the other day on the SET at 81.25 baht, up 75 satang, in trade worth 412.8 million baht.
GLAND shares closed at 3.06 baht, up 8 satang, in trade worth 10.6 billion baht.
