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Baht/$ 34.05/10 (Bid/Ask)
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GOLD |
13,350
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KANANA KATHARANGSIPORN
Raimon Land Plc will raise funds of one billion baht by issuing non-voting depository receipts (NVDRs) if it fails to draw funds under the Thai quota being raised from Thai partners, according to chief operating officer Kitti Tungsriwong.
He said the NVDR plan would be handled by its major shareholder IFA Hotels & Resorts 3 Ltd, which would seek new investors from overseas to invest through Thai NVDR, the Stock Exchange of Thailand subsidiary that deals with such placements.
IFA would also be one of the investors in the fundraising.
Of the estimated 1.11 billion shares at one baht apiece, 49% would be acquired by two overseas investors. One would be a Kuwaiti investor planning to buy 204 million shares. IFA agreed to buy 340 million shares worth 340 million baht through the offering of convertible loans on July 31.
Both overseas investors agreed to buy new shares at one baht although Raimon's share price was 0.70 baht or lower on average, said Mr Kitti.
''They [IFA and the Kuwaiti investor] are confident in an upward trend in our performance from our existing and future projects,'' he said.
''We are in talks in details about our strategy with Thai partners who are in well-known families. The deal will be finalised within the year. If they agree, Thai partners will hold 13.78%.''
Currently, Raimon has registered capital of 2.99 billion baht and has used its full foreign shareholding quota. IFA holds 26.17%, which would increase to around 28% if the plan to raise registered capital to 4.1 billion baht succeeds.
Besides the fund-raising, selling condominiums is another foreign-quota issue at two of the company's four existing projects on sale now. At the mid-priced development The Lofts Yennakart, which has been completed, the 49% foreign quota is full. At The River, with a total project value worth 13.5 billion baht, 56% has been sold _70% to foreigners and 30% to Thais. This means less than 10% of the foreign quota is now available for new take-up at the luxury condo.
Mr Kitti said the company planned to draw more Thai buyers by offering lower-priced units at around 10-15 million baht. Though this price would be almost half less than that offered to foreigners, the units at this price would have less desirable locations or views.
''Foreigners buying The River buy a river view and normally river-view units have higher prices than those without or with limited views,'' he said.
Next month Raimon will acquire a new plot of seven rai in the central business district where it plans to develop a luxury condominium in 2009.
Raimon shares closed yesterday on the Stock Exchange of Thailand at 0.60 baht, up one satang, in trade worth 720,000 baht.
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