SET-listed Central Pattana Plc (CPN), the property arm of Central Group, will raise 10 billion baht to invest in new retail projects over the next five years.
Shareholders last week approved a fund-raising scheme that includes the issue of secured or unsecured debentures and bills of exchange or short-term bonds with a 270-day duration.
Some 2-3 billion baht in fresh funds from the scheme will be used each year to develop new shopping projects and repay debts to creditors.
CPN chief financial officer Naparat Sriwanvit said the plan aims to drive average annual revenue growth of 15% from 2016-20.
The company will improve its retail complexes, adjust rents and develop two or three new retail projects a year.
CPN plans to open a shopping centre in Nakhon Si Thammarat this year.
Three retail projects under construction will open in 2017 and 2018: CentralPlaza in Nakhon Ratchasima, Phase II of Central Festival Phuket and the Central I-City project worth 8.3 billion baht in Malaysia.
Two existing projects, Phase II of CentralPlaza Pinklao and Phase III of CentralPlaza Bang Na, are under renovation.
In the provinces, construction of three Escent condominiums in Chiang Mai, Khon Kaen and Rayong is expected to start by June with a combined investment of 1.62 billion baht. The three high-rise towers will have 26, 24 and 25 storeys with 400, 408 and 419 units.
All 400 units at the Escent project in Chiang Mai are booked, while Khon Kaen is 77% sold and Rayong 61%.
Chief executive Preecha Ekkunagul said CPN is considering 20 locations for projects nationwide.
Last year, CPN operated 29 retail projects across the country. Revenue rose 8% to 25.87 billion baht, with net profit up 8% at 7.88 billion.
The company allocated 16.97 billion baht to expand its retail business last year. About 2.16 billion was spent to renovate existing projects and 14.79 billion went to buy land and develop new projects.
CPN will allocate 46.14 billion baht to expand shopping complexes during 2016-18.
Some 11.98 billion baht will be spent on projects under construction including CentralPlaza in Nakhon Ratchasima, which is to open in the fourth quarter or the first quarter of 2017, and CentralPlaza in Nakhon Si Thammarat; 29.98 billion baht will go to develop new projects; and 4.18 billion will be used to improve projects in Pattaya, Phuket, Bangkok's Rama III Road and the third phase of CentralPlaza Bang Na.
CPN shares closed Friday on the Stock Exchange of Thailand at 53.50 baht, down 1.25 baht, in trade worth 312 million baht.