RAIMON LAND POSTS PROFITABLE FY Q1 2013 AND STRENGTHENS MANAGEMENT TEAM

Stocks and Financial Services Press Releases Tuesday May 14, 2013 16:01
Bangkok--14 May--Francom Asia
  • Company announces net profit of Baht 142 million for FY Q1 2013
  • Appoints Johnson Tan as the New Chief Executive Officer
Raimon Land PCL has posted a net profit of Baht 142 million for the first quarter of 2013, compared to a net loss of Baht 70 million in the first quarter of 2012.
The company has also announced the appointment of Mr Johnson Tan Chin Kwang as the company's new Chief Executive Officer.
Johnson Tan joined Raimon Land's Board of Directors on 1st February 2013, when he helped acquire the company for Singapore-based JS Assets Management.

As the new CEO, Johnson Tan will devote his energy on the next strategic move for Raimon Land. "Our plan for Raimon Land is two-pronged. As we retain our core competence in developing high-end quality properties in Thailand, we will look at diversifying our revenue base by generating recurring revenue from non-residential segments", he said.

Director Mr Lionel Lee said: "We are fortunate to engage an experienced and dynamic individual like Johnson to reinforce our management team. Johnson's vision and sharp analytical skills honed from his past career will add depth to the management as the company moves into our next growth phase."

Chairman Mr Pradit Phataraprasit says: "Raimon Land has a long history and great potential. The company will benefit from Johnson's network throughout the region as it charts the next stage of development. I am proud to say that he has the unanimous support from our entire board of directors."

Johnson Tan holds a Bachelor of Arts and a Bachelor of Social Science Economics (Honors) degree from the University of Singapore where he graduated at the top of his class and was a recipient of the Lim Tay Boh gold medal and NUS Economics Society Book Prize. He has held senior roles in his 20 years of investment banking experience spanning New York, Hong Kong and Singapore. In Thailand, he has led the recapitalization of TMB Bank, the sale of Bumrungrad's Asia Hospital in Manila and the recent acquisition of Raimon Land.

For more information on Raimon Land, please call 02-651-9600 or visit www.raimonland.com

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