By Andrew Batt:
Pace Development Corporation (PACE) has announced the appointment of Asia Plus Advisory to handle its Initial Public Offering (IPO) which is slated for mid-2013. It has also revealed plans for new projects in Hua Hin and Bangkok.
Sorapoj Techakraisri Chief Executive Officer of Pace Development Corporation Plc , said: “The aim of our IPO launch is to mobilise funds for development of the company’s new projects. Some portion of the funds would be used to pay for the purchase of a land plot for a project development in Hua Hin and a land plot on Langsuan Road.
“The project in Hua Hin is tropical resort style with a total 120 villas in a total 120-rai land plot, which will be launched in early next year. The other project is a super luxury condominium, approximately 25,000 sqm on Langsuan Road close to the Lumpini Park. Such special features of the plot we have can no longer be sought.”
Dr. Kongkiat Opaswongkarn, Chief Executive Officer of Asia Plus Advisory Company Limited, on behalf of the company’s financial advisor, said that PACE had strong fundamentals and potential for high growth in the future, given steady growth in the property sector in the past.
PACE’s fund raising in the stock market would be an important step to increase its financial strength which would make it well-equipped to achieve stable growth and cope with challenges of new projects in the future.
“As the financial advisor we expect PACE to complete filing requirements of the SEC and SET as planned. We therefore expect PACE to sell its IPO shares and list on the stock market before mid-2013. In addition, PACE is a property developer which is well accepted by investors in terms of the project’s exceptionality and response from customers in the high-end segment where there is relatively limited numbers of players,” he said.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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