<article>Thailand based <a href="http://www.goldenlandplc.com/" target="_blank">Golden Land Plc</a>, a real estate company from the tycoon Charoen Sirivadhanabhakdi&#8217;s group, will be taking over <a href="http://www.kland.co.th/" target="_blank">Krungthep Land Plc (KLAND)</a>.</article>

Thailand based <a href="http://www.goldenlandplc.com/" target="_blank">Golden Land Plc</a>, a real estate company from the tycoon Charoen Sirivadhanabhakdi&#8217;s group, will be taking over <a href="http://www.kland.co.th/" target="_blank">Krungthep Land Plc (KLAND)</a>.
Golden Land’s president Thanapol Sirithanachai said that it would buy all of the 1.78 billion shares of KLAND at the price of 2 baht ($0.06) each, from a group of former shareholders. The deal is expected to be worth around 3.56 billion baht ($111.28 million).
Of total of KLAND’s shares, 39.33 per cent is held by SMJC Real Estate Company, 40.45 per cent belong to Frasers (Thailand) Pte and 20.22 per cent to Property Perfect Plc.
“This takeover will help us to expand our market to high-end real estate, another step to achieve our goal to be an industry leader,” he said.
In a meeting, the board of director approved formation of a real estate investment trust (REIT) for assets (owned by its subsidiaries) worth around 10 billion baht ($304.88 million), including Sathorn Square and Park Venture Ecoplex, as underlying assets.
He said that the company would purchase up to 30 per cent of the REIT’s units, worth three billion baht ($9.46 million), to ensure the public confidence.
“The REIT will help us repay the debt and reduce our interest burden. Meanwhile, we still gain the revenue from the rental fee of those buildings,” he added.
Golden Land’s shares were close at 8.10 baht yesterday, down 15 satang.

Golden Land takesover KLAND, to form REIT for $304m

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Golden Land takesover KLAND, to form REIT for $304m

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