Bangkok--1 Oct--Hemaraj
Hemaraj Land And Development Public Company Limited (HEMRAJ) today has completed the acquisition of the remaining 75% shares in SIL Industrial Land Co., Ltd. from Cementhai Holding Co., Ltd., a subsidiary of The Siam Cement Public Company Limited. The value of the share acquisition is approximately Baht 763.7 million in addition to the assumption by Hemaraj of the shareholder loan to SIL of Baht 380 million. Hemaraj used its own internal cash sources in the acquisition.
SIL Industrial Land Co., Ltd. (SIL) is an industrial park development with its SIL location in Saraburi, Thailand and its wholly owned subsidiary Rayong Industrial Land Co., Ltd. (RIL) location being in Rayong, Thailand. SIL has a gross land area of 3,619 rai with an estimated remaining sellable area of 1,064 rai as of June 30, 2010. RIL has a gross land area of 3,438 rai with an estimated remaining sellable area of 1,711 rai as of June 30, 2010.
The transaction amount and timing is consistent with the mutual agreements from the acquisition of the initial 25% shares in SIL from Siam Cement as Hemaraj notified to the SET on March 30, 2005 and April 29, 2005.
David Nardone, President and CEO of Hemaraj Land And Development Public Company Limited had the following comments on the timing and on the acquisition. “This acquisition of SIL Industrial Land and its subsidiary Rayong Industrial Land are consistent with our agreement and in line with our strategy to increase the revenue from industrial land sales, the rental or sale of ready built factories and from consistent revenue from the management and provision of industrial land utilities. SIL in Saraburi is increasing attractive in offering a readily available workforce from the expansion north of existing industrial locations. Likewise, RIL in Rayong provides a serene yet sound location for industry choosing to be a slight distance from the automotive cluster as well as the heavy industry concentration further south. Yet both locations benefit from established infrastructure logistics and developed communities.”
For further information concerning Hemaraj Land And Development Plc., please visit our website at www.hemaraj.com or www.theparkresidence.co.th or contact by email at invest@hemaraj.com Mr. Paopitaya Smutrakalin, Director, Investor Relations Hemaraj Land And Development Public Company Limited 18/F UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250, Thailand
Tel: 662-719-9555 to 9 Fax: 662-719-9546 to 7
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