Prinsiri seeks foreign partner
Property firm Prinsiri Plc is negotiating to sell a 20-per-cent shareholding to a foreign investor, and the deal is expected to be complete within the second quarter, said construction director Chaiwat Kovitchindachai.
Prinsiri is negotiating with three prospective investors from China, Hong Kong and Singapore who are interested in expanding their ventures in Thailand.Chaiwat believes the deal will be complete before Prinsiri's shareholders' meeting on April 24. "We need to raise new funding and also obtain new construction technology to expand our business this year and next year," he said. When the deal is complete, the company will increase its registered capital by selling new shares to its foreign investor. However, he declined to state the amount of the increase. He said that if the deal succeeds, the company's major shareholder would reduce its stake from 76 per cent to 60 per cent, but this will not affect the company's management structure. The company also plans to launch nine property projects worth Bt4.5 billion this year. One of them will be a condo project, Chaiwat said. Prinsiri expects revenue of Bt3 billion this year, up 30 per cent from last year. Properties sold in the fourth quarter of last year and transferred to buyers this year will account for Bt1.3 billion of this year's revenue and the remainder will come from sales made this year.
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