Amornphant Nakorn-Suan Siam, the operator of Suan Siam amusement park, plans to raise Bt2 billion to finance renovations to the 27-year-old amusement park and to create a Thai cultural area called Siam City Walk over the next few years.

The company is also aiming to be listed on the stock exchange in 2008 when the investments take effect and its annual net profit rises above Bt100 million, said managing director Chaiwat Luangamornlert.

He said the company posted a Bt40-million net profit last year, partly due to receiving debt forgiveness worth Bt2 billion from Bangkok Bank.

It has appointed Globex Advisory and Prudent Siam Securities as financial advisers to help raise Bt600 million to renovate the park's rides and new zones. This is a part of the planned Bt2-billion investment.

At the beginning of the year, Suan Siam - in Min Buri on the outskirts of Bangkok - opened two new attractions: a "Big Double Shock" ghost house and a Jurassic adventure park, as well as completing renovations to its water park.

Chaiwat said the next step was to create an aquarium stocked with a variety of fish in natural settings and a Phra Aphai Manee water park. The park's 22 rides will gradually be replaced with new rides, to be imported from Japan and the United Kingdom.

By renovating the 48-hectare park, Chaiwat expects to see a dramatic increase in visitors within two years, from the current average of 1,000 visitors a day to 2,000 on working days, 5,000 on Saturdays and 10,000 on Sundays. The proportion of foreign tourists is also expected to rise from 10 per cent last year to 30 per cent next year by cooperating with travel agencies.

Meanwhile, the company expects a 30-per-cent jump in revenue and a doubling of net profit to Bt90 million this year, Chaiwat said.

To build awareness of the amusement park's new look, the company plans TV and radio ads as well as attaching leaflets to consumers' receipts for electricity and telephone payments. Its advertising and marketing budget last year was Bt20 million.

To finance Suan Siam's makeover, Amornphant Nakorn-Suan Siam is considering three options: selling long-term tickets for amusement park enthusiasts, bank loans, and debentures.

The company expects to pay back the debt before the end of 2008, at which time it plans to list on the stock market and attract funds from public investors.

Apart from raising Bt600 million to renovate the rides and feature zones, it plans to find another Bt1.5 billion to create "Siam City Walk", an area reflecting Thai culture.

Chaiwat plans to retire from the company's board this December and has appointed his four children to manage the amusement park.

Nitida Asawanipont

The Nation