CIMB Thai Bank and Krungthai Bank celebrate Singha Estates world-class acquisition of Outrigger Hotels and Resorts

Stocks and Financial Services Press Releases Thursday August 2, 2018 12:15
Bangkok--2 Aug--CIMB Thai Bank

CIMB Thai Bank, as the sole financial advisor, and Krungthai Bank, as the co-lender, have celebrated the success of Singha Estate Plc. ("Singha Estate")'s USD 310 million hotel acquisition deal, underlining the collaborative move driven by confidence in financial and business management excellence. Singha Estate CEO said the deal is part of the Company's strategic investment approach of Smart M&A, which has taken the Company another step toward becoming a full-fledged premier property development and investment holding company.

CIMB Thai Bank and Krungthai Bank have jointly held an auspicious event to celebrate the success of Singha Estate Plc., a premier property development and investment holding company domestically and globally, for the acquisition of six Asia Pacific Outrigger resort portfolios for the amount of USD 310 million (equivalent to approximately THB 10,334 million). CIMB Thai Bank is the sole financial advisor and co-lender with Krungthai Bank in this acquisition deal.

Mr. Kittiphun Anutarasoti, President and CEO of CIMB THAI Bank, said that CIMB Thai Bank is honored having been entrusted by Singha Estate as the sole financial advisor and co-lender for the transaction. The deal has built on confidence in joint operation and management professionalism. It is also an investment in line with Singha Estate's operation strategy to achieve its vision which focuses on investing in high potential hotels and resorts located in world best tourist destinations, while enhancing Singha Estate's readiness for its hotel business spin-off looking forward.

Mr. Parinya Patanaphakdee, First Senior Executive Vice President, Krungthai Bank, stated that Krungthai Bank is pleased to have been chosen by Singha Estate as its financial supporter all along. In this transaction, Krungthai Bank has taken an important part in driving the initial public offering (IPO) plan for the hotel business and strengthening the Company's business. The Company's achievements of its past deals have reflected its potential and its management's broad vision in making investment decision on promising businesses. Krungthai Bank looks forward to witnessing and celebrating more accomplishments of the Company in the near future.

Mr. Naris Cheyklin, Singha Estate CEO, said that as strategic direction of corporate roadmap to become a fully integrated premier property development and investment holding company with financial strength ready for future business opportunities. This acquisition will strengthen the Company's financial status with immediate recognition of income that will generate sustainable return to the corporate portfolio and also support S Hotels & Resorts Co., Ltd., a subsidiary company, to get prepared for its listing on the stock exchange as targeted. From this successful acquisition, Singha Estate has become owner of six more hotels, comprising Outrigger Laguna Phuket Beach Resort, Outrigger Koh Samui Beach Resort, Outrigger Fiji Beach Resort – Fiji, Castaway Island Hotel – Fiji, Outrigger Mauritius Beach Resort – Mauritius, and Outrigger Konotta Maldives Resort – Maldives, making up the Company's total hotel and resort portfolio to 37 properties globally.

"Singha Estate aims to become a global company and positions itself as a value investor, targeting to bring about total revenues of THB 20 billion by 2020. This strategic acquisition of Outrigger-branded hotels in four countries will generate recurring income and mitigate external risk to its hotel investment portfolio through diversification of its customer base and geographical locations across high-yield tourist destinations. With the strategic investment approach of SMART M&A, the Company has recorded an asset growth of THB 40.9 billion, which exceeds the target set forth. Coupled with the large-scale investment in the Crossroads project in the Maldives, Singha Estate's total assets are expected to increase to as high as THB 60 billion and generate the targeted revenues in a shorter period of time," added Mr. Naris.

About CIMB Thai Bank PCL

CIMB Thai Bank is a commercial bank registered in Thailand. It provides a wide variety of financial products and services to corporate, SME and retail customers. It also offers financial advisory services to corporations, as well as mutual funds, insurances, including other products and services via its existing branch network.

About Singha Estate Plc.

Singha Estate is a premier property development and investment holding company committed to business operation with social responsibility and adherence to the philosophy of sustainable growth. The Company strives to balance economic growth with social and environmental stability, build growth through well balanced, diversified portfolio from retail space rent business, office building rent, hotel business and residential business, and invest in high potential businesses both at home and overseas. It aims to drive its corporate position to become a premier global investment holding company with robust financial status and value proposition to all its stakeholders on a sustainable basis.

About Outrigger Hotels and Resorts

For more than 70 years, Outrigger Hotels and Resorts has charted a journey of discovery – expanding from Hawaii to premier resort destinations in Fiji, Thailand, Guam, Mauritius and the Maldives. The privately held hospitality company currently operates and has in development 37 properties with approximately 6,500 rooms – inviting guests to 'Escape Ordinary' with authentic Signature Experiences and the Outrigger Discovery loyalty program. Outrigger's multi-branded portfolio includes Outrigger(R) Resorts, Ohana Hotels by Outrigger(R) and Hawaii Vacation Condos by Outrigger(R) while also managing select properties from top international hotel brands including Embassy Suites(R), Best Western(R), Wyndham Vacation Ownership(R) and Hilton Grand VacationTM. Find out more at or visit @OutriggerResorts on Facebook, Instagram and Twitter.

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