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Univentures takes 50percent stake offer from Golden Land

By on Nov 26, 2012 in Property News

Univentures, a property-development company whose major shareholders are the sons of liquor tycoon Charoen Sirivadhanabhakdi, has announced its bid for a 50-per-cent stake in Golden Land Property Development.

UV reported to the Stock Exchange of Thailand that it had obtained a voluntary sales offer from Gold for 50.64 per cent or 574.3 million shares. The offer includes 235.48 million warrants or 46.72 per cent of total Gold warrants.

Once the acquisition is complete, UV will become Gold’s major shareholder.

To finance the acquisition of Gold and purchases of stakes in other business operations, UV will raise its capital by Bt5.74 billion through a new share issue. One and a half existing shares are eligible for one new share at Bt5 apiece.

UV president Ornruedi Na-Ranong said the voluntary tender offer for Gold’s shares was in line with a resolution at a UV extraordinary shareholders meeting.

Gold is expected to continue to post losses this year, particularly in the current fourth quarter. However, Ornruedi said she was confident that Gold would in time see an improvement in its performance. The firm’s management structure could be changed in the initial period of UV’s involvement.

“Management assessment and project execution will be adjusted to be in line with UV’s. Gold’s business will be strengthened,” she said.

An anonymous source from TCC Group said the acquisition of Gold was to extend UV’s property business. Gold has several high-end property projects, including residential, serviced apartments and hotels, in urban areas.

Source : The Nation 24 November 2012

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