Thailand: Origin Property acquiring Proud Residence for $116m, PN Capital exits

Peerapong Jaroon-Ek, CEO of Origin Property

Thai listed property developer Origin Property Pcl has bought out stakes held by London-based real estate investment firm PN Capital and other shareholders in Bangkok-based Proud Residence for 4 billion baht ($116 million).

PN Capital held 30 per cent in the Thai company, according to Origin Property’s filing to the Stock Exchange of Thailand.

Meanwhile, the two other sellers – Proud Beach Club Hua Hin owned 70 per cent, and Mr. Thongchai Bussarapan, held one share. Bussarapan served as the chief executive officer of Proud Residence.

The company will pay the amount as promissory notes worth 3 billion baht while the rest will be met in cash.

Proud Residence has a registered capital of 10 million shares with the par value of 100 baht each and the purchase price is four times higher.

Peerapong Jaroon-ek, chief executive, Origin Property, said in the filing, the acquisition would enhance its business capabilities and competitiveness as well as provides an opportunity for the group to expand into the high-end condominium industry.

“The acquisition would enable the company to rapidly expand its customer base to high-end customers, investors and foreign customers as well as to build up relationship with a new business alliance,” he cited.

It expects to close the deal after receiving the approval in the extraordinary general meeting of shareholders on July 12.

Origin Property will also propose the shareholders to approve the sale of 81.2 million newly issued ordinary shares at the par value of 0.50 baht each to specific investors including Jaraspim Liptapanlop, Tongchai Bussarapan and Nune Taweesri at the price of 12.31 baht per share.

As the result, these three persons will hold a combined 5 per cent stake in Origin Property once the process is completed.

Jaraspim is chairman of Proud Real Estate Co Ltd and Nune, who is the spouse of Tongchai, is the director of Proud Residence, said the filing.

Advisory Plus is appointed as the independent financial advisor on the transaction.

Also read:

Thailand: Real estate developer Proud Residence raises $63m from HK’s Fulcrum Cap

Thailand: Origin Property decreases IPO amid market slump

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.