Investment firm Mesa Thai Pte Ltd has acquired a 21.4% stake in real estate company Raimon Land Plc by acquiring 893 million shares from existing shareholders.
The deal makes Mesa Thai the second-largest shareholder of Raimon Land, after KPN Land Co.
"Having Mesa Thai as Raimon Land's shareholder will help strengthen our leadership position in the luxury real estate market," said Kris Narongdej, chairman of the board at Raimon Land. "This collaboration will also open opportunities to expand into new business segments in the future."
Mesa Thai is owned by Kwee Liong Tek, chairman of Pontiac Land Group, a Singaporean developer with properties such as Ritz-Carlton Millenia Singapore, Conrad Centennial Singapore and Capella Sydney.
"Mesa Thai is pleased to become a significant shareholder of Raimon Land," the company said in a release. "We have strong confidence in Thailand's economy and see great potential in the business of Raimon Land.
"Our representatives to Raimon Land's board of directors look forward to working closely with its chairman and other directors, enabling the company to remain focused as a premier real estate developer."