SET-listed Sino-Thai Engineering to acquire Mo Chit Land for $136m
11 April 2019
Sino-Thai Engineering and Construction Pcl (STEC), a Thai-listed construction company, is set to acquire Mo Chit Land Company from BTS Group’s subsidiary U City Pcl for 4.32 billion baht ($135.85 million).
STEC’s board of directors approved the development of the 7.79-billion baht ($245.12 million) Mo Chit Complex project on Mo Chit Land’s plots in Chana District, Bangkok, according to a disclosure made on the Stock Exchange of Thailand.
The project includes 36-storeyed twin towers with three levels of basement including a connecting path and a skywalk linking to BTS Mo Chit.
STEC’s president Pakpoom Srichamni said, the company will look at a range of financing options including working capital, cash from operating business, loan from financial institutions and long term loan debentures to fund the deal.
U City reported an accumulated loss of 630 million baht as of end of 2018. Once this acquisition is completed, it will turn into profit for the first time since 2015.
Source: https://www.dealstreetasia.com/stories/set-listed-sino-thai-engineering-to-acquire-mo-chit-land-for-136m-130323/
