The SET-listed Raimon Land Plc (RML) will use two new subsidiaries it set up in Singapore last month as an investment base for international projects, eyeing commercial property in the US as a likely first destination.
Executive chairman Lionel Lee said Singapore's JS Oil Pte Ltd, which bought Raimon Land shares and became its new major shareholder on Feb 1, has made a commitment to stay with the company for 20-30 years.
"Raimon Land will diversify further into income-generating property projects and leverage the international networks of the new shareholder," he said.
"We will also explore the feasibility of international expansion."
Mr Lee owns JS Oil, while his family owns Jit Sun Investments, established in 2003 with interests in oil and gas in Asia, Europe and the US through its Ezra Holdings Ltd subsidiary and in India, Australia, New Zealand and the US through Loyz Energy Ltd.
The Lee family is also involved in hotel and property management under the Klapsons brand, which will operate 92 of the 818 units in The River luxury condominiums by the Chao Phraya River in Bangkok.
The Klapsons units will be turned into serviced residences from May.
The two new subsidiaries are Raimon Land Development (Singapore) Pte Ltd and Raimon Land Properties (Singapore) Pte Ltd, both of which were created to facilitate new project investment and development.
Setting up the Raimon subsidiaries in Singapore allows Mr Lee, a 40-year-old Singaporean, to manage their foreign investments closely.
Raimon Land's focus of residential development will complement his family's property activities, he said.
Nuch Kalyawongsa, Raimon's chief financial officer, said the foreign investments will not need need a huge budget since the company's executive chairman has strong connections with financial institutions in Singapore.
Raimon's financial status has continued to improve, with a cash increase to 1.43 billion baht as of the end of last year from 662 million in 2011.
This year, it expects to realise revenue of at least 6.5 billion baht from the remaining transfer of units at The River.
Raimon Land posted a 2012 net profit of 496 million baht against a net loss of 480 million in 2011, on revenue of 5.43 billion, up by 372% from 1.15 billion.
At the end of 2012, the sales backlog stood at 16.3 billion baht.
Shares of RML closed yesterday on the SET at 2.38, down 18 satang, in heavy trade worth 1.71 billion baht.