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Thailand property company, Rasa has investment from Singha

By on Apr 29, 2014 in Office, Property News, Residential

Singha’s business diversification into the property sector is in line with the policy set by Santi, who is also the group chief executive officer, to double the sales contribution from its non-alcohol businesses to 30 per cent by the end of this year, from only 15 per cent in 2011. It is also in line with the company’s business direction set to diversify into two new business pillars – real estate and energy.

Rasa’s board reported to the SET last Friday that Singha Property Management and Santi would buy 4,162,352,331 new shares at Bt1.87 each, totalling Bt7.78 billion, in Rasa via a share swap. The board approved the deal, which was set up last December, late on Friday. After Singha Corp acquires the new shares, it will hold 90 per cent of Rasa Property Development, which will increase its registered capital from Bt550 million to Bt4.6 billion.

According to the deal, Singha Property Management Co will hold 1,932,405,807 shares worth Bt3.61 billion in Rasa Property Development by swapping shares of its subsidiary S Bright Future Co for Rasa’s new shares, said Rasa managing director Rapi Pinijchob. Singha Corp set up S Bright Future in December last year.

The rest of Rasa’s new shares, totalling 2,932,405,807 and worth Bt5.48 billion, will be held by Santi, who will swap his shares in Santiburi Co with Rasa’s new shares. Santi is a major shareholder in Singha Property Management, a property arm of the brewery giant. Singha Property Management is also a major shareholder in S Bright Future.

Rasa is a developer of residential projects and office buildings. The company reported revenue of Bt483.85 million and net profit of Bt23.13 million last year.

Singha Corp director Phurit Bhirombhakdi said previously that mergers and acquisitions would be considered as short-cut process in the group’s diversification into businesses such as property.

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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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