Krisdamahanakorn Plc (KMC), a SET-listed property developer, plans to raise 2 billion baht in fresh funds by issuing 5 billion new shares in a private placement this quarter.
Following the recapitalisation, the company's accumulated losses of 1.2 billion baht at the end of last month will be written off this year, said newly appointed chief executive Yongyutt Chaipromprasith, who also claims to be KMC's largest shareholder with a 3% stake. He did not reveal potential new investors.
As of June 30, KMC's accumulated losses stood at 1.4 billion baht, its debt-to-equity ratio was a mere 0.23 times following the recent massive capital increase, and paid-up capital was 127 billion baht.
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