After buying a 24.97% stake in listed developer Raimon Land Plc (RML) from IFA Hotels & Resorts 3 Ltd last week, Singapore investor JS Oil Pte Ltd plans to expand RML in the US and Southeast Asia this year.
Lionel Lee, owner of JS Oil, did not disclose details about new investment at yesterday's press conference, saying only a concrete plan for RML will be announced in a couple of weeks. Mr Lee, 40, is also group managing director of Singapore-listed Ezra Holdings, the offshore oil and gas services company.
"We intend to increase RML's portfolio and bring it to the next level," he said. "In the US, our family-owned Jit Sun Investments are exposed to the commercial and hospitality property business and we are looking for new expansion."
Jit Sun Investments has oil and gas businesses in the US. For RML, US investment would be well timed as the S&P Index in the last two weeks has hit its highest point since 2007.
Last Friday, JS Oil bought 893 million shares in RML at 2.40 baht each, representing 24.97% of the total issued shares for a cost of 2.14 billion baht.
RML's board of directors and members of the executive committee who represented IFA resigned last Friday.
Their seats were taken by Mr Lee; Tan Chin Kwang Johnson, managing director of IB Partners who also advised on the acquisition; and Thai politician Pradit Phataraprasit, who is new chairman of the board.
Though Mr Pradit has no RML shares, he has had a close relationship with Jit Sun since it invested in PTTEP and Chevron (Thailand) 20 years ago.
RML's chief executive Hubert Viriot said IFA needed to diversify its investment back to the Middle East, its flagship base.
Shares of RML closed yesterday on the SET at 2.26 baht, down six satang, in trade worth 143 million baht.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter