CPN makes foray into Malaysian retail | Bangkok Post: property

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CPN makes foray into Malaysian retail

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Central Pattana Plc, Thailand's leading retail property developer, has entered into a joint-venture agreement with a Malaysian developer to build a 580-million-ringgit (5.73-billion-baht) shopping mall in Selangor, Malaysia. 

CPN agreed to be the major stakeholder with 40% in the new entity through its local subsidiary, while I-City Properties Sdn Bhd (ICP), an I-Berhad wholly-owned subsidiary, will hold 40% to establish the venture.

President and chief executive of CPN Kobchai Chirathivat said in a statement on Monday that this marks CPN's first strategic move in Asean and reflects its confidence in the Malaysian economy.

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