Ananda Development Plc (ANAN), the SET-listed property developer, has inked a joint venture agreement with Mitsui Fudosan Residential Co, Ltd to develop property projects in Thailand with initial capital of 1.8 billion baht.
President and CEO Chanond Ruangkritya said Ananda would hold a 49% stake in the new joint venture firm, with the Japanese company holding the same figure and the remainder held by individual investors. MFR is a subsidiary of Mitsui Fudosan Co Ltd, which posted revenue of Y1.445 trillion (US$14 billion) at the close of the last financial year.
"Ananda Development is honoured to partner Mitsui Fudosan, one of Japan's most renowned property developers. This is the result of intensive research of Thai developers by Mitsui Fudosan and extensive discussions between the two companies and we consider this to be a major endorsement of Ananda," said Mr Chanond.
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