The name of the new partner will be announced late this month, executive chairman Keeree Kanjanapas said.

Earlier, the company informed the Stock Exchange of Thailand (SET) that the investor had completed due diligence. Keeree himself, Tanayong's executives and the new partner met SET officials early this month to report progress in the company's business-rehabilitation plan, in which the new partner's acquisition plan has been incorporated.

The new partner will also bring new technology to the company, Keeree said.

Although the new partner will pump around Bt2 billion into the company, the amount is insufficient for full recovery of all the company's projects, he said.

"To revitalise and expand the existing projects will need Bt5 billion," he said. As for plans, the Thana City project on Bang Na-Trat Road needs total refurbishment, and Tanayong is to construct two five-star hotels.

The company accounts for the 2006 fiscal year ending March 31 saw its net loss narrow from Bt2.61 billion in 2005 to Bt449.81 million. Tanayong was one of Thailand's largest property-developers until the property bubble burst, leading to the financial meltdown in 1997.

Its existing housing projects are Regent Royal Place I and II, Thana Place-King Kaew and Thana Place-Lad Phrao, in addition to Thana City.

Its hotels are the Empress and the Eastin Lakeside.

As of September 7, 2005, its major shareholders were Amsfield Holdings Pte Ltd with 12.87 per cent, Keeree at 7.53 per cent, SCF Finance and Securities at 4.18 per cent, Somchai Askawatkul at 1.72 per cent and Vichate Banthuwong at 1.68 per cent.

Siriporn Chanjindamanee

The Nation