Thailand’s listed property developer Nusasiri PCL will be selling 300 million private placement shares to Thoresen Thai Agencies (TTA) and to TTA’s major shareholder Chalermchai Mahakijsiri for 330 million baht ($8.3 million), according to the company’s statement yesterday.
This is the company’s third lot of private placement shares. Earlier, the firm had allocated the first lot of 300 million shares to two individual investors and WS-Management for 300 million baht. It allocated the second lot of 700 million shares to Nuttapon Tonawanik and Sompong Rungruengnaowarat for 700 million baht.
Nusasiri had got an approval for private placement of 4 billion shares at a par value of 1 baht apiece during a shareholders meeting in April, 2015.
Of the third lot of 300 million shares placement, Nusasiri will sell 200 million shares to TTA and the remaining 100 million shares to Chalermchai with a par value of 1.10 baht per share.
Upon the completion of this acquisition, Nusasiri’s registered capital will increase from 5.446 billion baht to 5.746 billion baht and TTA’s stake in the firm will be 3.84 per cent.
A source in Nusasiri said, Siriya Thepcharoen, an executive of Nusasiri, had contacted the buyer as the company needed to boost its working capital for investment projects.
“TTA has a strong financial record and it will not get involved with the management because it has no expertise in property development,” the source added.
Wittawas Vechbusakorn, director of TTA’s finance and investment management, told DEALSTREETASIA that Nusasiri was one of the top property developers in Thailand, and TTA considered this good investment that would give good return.
“We have cash flow of almost 10 billion baht at the moment, so we welcome any good investment opportunities. So far, we are considering investing in water-related infrastructure in Indo-China region and energy business in Thailand. We expect to close more deals next year,” he added.