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Published on August 28, 2007

The company yesterday said in a filing with the Stock Exchange of Thailand that its board would buy 1.95 million shares, or 22.94 per cent, in Fena Park for Bt19.5 million and a 31.38-per-cent stake in Casa Fico for Bt45 million.

Both deals were finalised yesterday.

"The opportunity is to enter into a joint venture with an experienced and professional hospitality developer on a prime site. Vithaya Park is a private company belonging to the Srichawla family, developers of Le Fenix Hotel, Fenix Towers, Interchange 21 and the Millennium Hotel. The site owned by Fena Park is the Laem Set Inn on Koh Samui, a well-known and iconic property on the island," the company said.

Casa Fico is owner of land partly occupied by the Laem Set Inn.

"Siam2You expects to benefit from the returns projected for this development, because Thailand's hospitality and resort-residence market remains buoyant, with occupancies and room rates trending upwards. Koh Samui is enjoying a renaissance with the arrival of new five-star brands, and the airport expansion and increased flights are facilitating higher tourist arrivals," the company said.

Siam2You's board has approved an injection of Bt3.5 million into Fena Park and Bt20 million into Casa Fico by buying their capital-increase shares. Payment will be made by October 15.

The company's second-quarter net loss this year widened to Bt39.18 million, from Bt442,000 in the same period last year.

The Nation