Bangkok--1 Oct--Brand Salon
Univentures Public Company Limited has raised holdings in Grand Unity Development Co., Ltd. to 60% to command the company’s largest stakes with other existing shareholders continuing to remain strong allies. The company will acquire non-performing assets (NPA), non-performing loans (NPL) and distressed assets, which have enough potential to tap on the current market demands.
Univentures Public Company Limited reported to the Stock Exchange of Thailand (SET) on October 1,2007 that it had acquired 1,333,333 shares in Grand Unity Development Co., Ltd. (GUD) at 10 baht apiece from the existing shareholders.The share acquisition will bolster the ownership of Univentures Public Company Limited and its subsidiaries in Grand Unity Development Co., Ltd. to 60%. Holdings on the part of L.P.N. Development Public Company Limited and Yaowawong Co., Ltd.,other existing shareholders, will drop equally to 20% each.
Ornruedi Na - Ranong, President of Univentures Public Company Limited, disclosed that:“The new shareholding structure of GUD is in line with the company’s policy,which demands greater clarity in long-term business planning.Both strong allies namely L.P.N. Development Public Company Limited and Yaowawong Co., Ltd. will continue to remain supportive to GUD’s property business.The joint investment in GUD in the last 5 years has proven successful with major vertical projects worth over 5 billion baht in combined value.”
Thanapol Sirithanachai, Managing Director of Univentures Public Company Limited, added that his company saw a lucrative opportunity for GUD in managing distressed assets. “Univentures sees a good chance of turning NPAs and NPLs into a good business through GUD’s expert management capabilities in improving incomplete and financially-troubled property projects from both property operators and financial institutions,” he said.
Grand Unity Development Co., Ltd. (GUD) was founded in 2003 by 3 groups of shareholders namely Univentures Public Company Limited, L.P.N. Development Public Company Limited and Yaowawong Co., Ltd. with initial stake holding ratio of 33.33 each. The company took on 7 troubled property projects with combined value of over 5.2 billion baht and transformed them into attractive property choices.These projects include Watercliff Condominium and Grand Parkview Asoke.
Univentures Public Company Limited is a listed company on the Stock Exchange of Thailand (SET) under Property Development category with stock sign of “UV”.The company invests in both vertical and horizontal property projects with its allies.The current registered capital is 944,528,490 baht, of which 759,030,799 baht has been paid up.The Sirivadhanabhakdi Family has recently assumed control in the firm through majority holdings by Adelfos Co., Ltd.The company now has a new directive to further increase investment in real estate.
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