Nod to property firm's share issue for higher revenue

Krisda Mahanakorn's shareholders yesterday approved the issuance of 4.49 billion new shares as part of the property firm's plan to drive revenue to Bt1.5 billion this year, up from the old target of Bt1 billion.

Managing director Wirat Aiew-Aksorn said the new shares would be offered at the ratio of two new shares at Bt0.50 per share for one existing share.

The company also will offer one warrant (KMC-W3) per 10 existing shares.

Shareholders also approved the issuance of 5 billion new shares via private placement to a strategic partner to develop its business in the long term. They also approved a split in par value from Bt20 per share to Bt0.65 to erase some of its retained losses.

Under this plan, the company will raise Bt2.1 billion from the market to launch four residential projects worth Bt2 billion this year. One is a condominium on Rama IX Road that it took over from Vitoon Thanakorn Co.

It has already been completed and will contribute at least Bt1.1 billion in sales this year.

The others are The Kris Extra Rama 9 and developments on Koh Lan in Chon Buri and in Songkhla's Hat Yai district.