Tee Land’s associate Chewathai Plc has entered into a sale and purchase agreement with Yuree Sethawan to acquire a 24,704 sq m freehold land at Rangsit Klong 1 in Patumthani for THB92.6 million.
In a release, Tee Land said Chewathai intends to develop the land into a landed housing project and expects the proposed acquisition to be completed in early December 2015.
It added that the acquisition is “part of Chewathai’s strategy to build up a portfolio of development properties as part of its previously announced listing plan on the Stock Exchange of Thailand’s Market for Alternative Investment.”
The proposed acquisition will be funded by Chewathai through bank borrowings and internal funds, but the acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending 31 May 2016.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories emailnikki@propertyguru.com.sg
