Singha Estate, Thailand’s top property holding company, will submit SHR IPO, spinning off its Hospitality Business, raising funds to expand at home and abroad

Generating recurring income for steady growth, and moving toward being a truly Global Holding Company in 2020.

Singha Estate has entered its fifth year on The Stock Exchange of Thailand, since it was listed in 2014. In this time, it has leapt from 9.7 billion baht revenues in 2014 to 58.9 billion baht in 2018. 

Mrs. Thitima Rungkwansiriroj, Chief Financial Officer (CFO) of Singha Estate Public Company Limited, reinforced the company’s vision of becoming a Global Holding Company by 2020 in order to deliver solid value to every party involved, including employees, business partners, customers, shareholders, society, and the environment.

“Recycle Capital is an important financial strategy that drives our business to leap forward. Apart from creating premium brands to expand the business both at home and abroad, we have made some organisational

adjustments to become more flexible and resilient and achieve sustainable growth.”

Singha Estate Group’s income comes from three main businesses: Residential Business under the management of Singha Estate and Nirvana Daii; Commercial Business consisting of Suntowers, under

the management of S Prime Growth Leasehold Real Estate Investment Trust, and Singha Complex as well as S-Oasis, under the management of Singha Estate; and Hospitality Business under the management of S Hotels and Resorts (SHR).

“A good holding company must have recurring income in order to generate consistent returns for investors. All three businesses must ensure revenue consistency. Therefore, we have adopted a Recycle Capital strategy to raise funds to expand businesses in different seasons, enabling usually non-recurring Commercial Business and Hospitality Business to generate recurring income.”

In 2015, Singha Estate brought Residential Business, Nirvana Daii Public Company Limited to be listed on The Stock Exchange of Thailand. In 2018, the company issued SPRIME REIT, which invested in the rental rights of Suntowers to raise fund for S-Oasis, an over 50,000 square metres project at the Lat Phrao Intersection.

This year, the company decided to spin off on the stock exchange its Hospitality Business under the management of its affiliated S Hotels and Resorts (SHR). This is considered an important fundraising exercise for hotel business’ growth and a major step ahead to achieve Singha Estate Group’s Global Holding Company vision.

Mrs. Thitima said, “Spinning off a business helps to make business valuation measurement clearer. Although the company will hold only 60 per cent of shares after the Initial Public Offering (IPO), Singha Estate and its shareholders will benefit from the increased valuation in accordance with the tourism industry’s continuous growth, management flexibility, fundraising efficiency, and accurate company ratings.”

The funds will be used to expand domestic and international businesses and to diversify the hotel investment portfolio, making hotels more responsive to tourism and generating income from stays throughout the year.

“Within five years, we aim to double our growth through acquisitions that we are working on to create more opportunities in Asia and the Mediterranean region.” 

Singha Estate started its HospitalityBusiness since 2014, by acquiring two hotels in Koh Samui and Phi Phi Island, comprising 227 rooms, with the vision to be a hotel and resort investor in popular

tourist destinations around the world. The company aims to create an impressive

travel experience through excellent service, local culture exposure, and natural beauty.

Currently, SHR has 39 hotels, with a total of 4,647 rooms covering five countries, namely Thailand, United Kingdom, Maldives, Fiji, and Mauritius, in three main regions:  Europe, Asia-Pacific, and Africa.

The stock subscription period is divided into two phases: Pre-emptive period for Singha Estate shareholders between 28-30 October and Public Offering period between 1-5 November (including Saturday and Sunday).

Interested investors can contact the two securities underwriters: KT ZMICO Securities Co., Ltd. and CGS-CIMB Securities (Thailand) Co., Ltd.; the four securities co-underwriters: Capital Nomura Securities PCL, Maybank Kim Eng Securities (Thailand) PCL, Yuanta Securities (Thailand) Co., Ltd., and Asia Plus Securities Co., Ltd.; or selling agents: Krungthai Bank PCL, and CIMB Thai Bank PLC.

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