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Post Info TOPIC: CGD sells 2 hotels to PDI at around 5.5 billion baht, cut par, reduce accumulated losses - increase capital, expand work


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CGD sells 2 hotels to PDI at around 5.5 billion baht, cut par, reduce accumulated losses - increase capital, expand work
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Country Group Development Plc. (CGD) in the Country Group Holdings Plc. (CGH) is  slotxo preparing to sell 2 companies in the hotel business. Which operates the Capella Hotel Bangkok and operates the Four Seasons Hotel Bangkok on the Chao Phraya River for Padaeng Industry Public Company Limited (PDI), which is also in the CGH group with a trading value of 5.5 Billion baht, both CGD and PDI are preparing to increase capital and distribute warrants to existing shareholders to support the expansion.

 

 

CGD informed that the Board of Directors meeting yesterday (3 Dec) agreed to propose to the Extraordinary General Meeting of Shareholders for approval to sell assets. Which is considered a connected transaction by Landmark Holdings Co., Ltd. (LH), a 70% owned subsidiary of CGD, will sell 99.99% of the 2 companies, namely Waterfront Hotel Co., Ltd. (WFH). And Urban Resort Hotel Co., Ltd. (URH) to PDI totaling 5.5 billion baht, divided into WFH shares worth 1,950 million baht and URH approximately 3,550 million baht.

 

 

The sale of the two companies' shares to PDI will be divided twice, the first being 51% of WFH worth 994.5 million baht and 51% of URH at 1,810.5 million baht. Buy the remaining 49% of the shares within 12 months with a purchase value of WFH another 955.5 million baht and URH another 1,739.5 million baht.

 

 

For WFH and URH to be incorporated in December 2020, WFH will acquire and acquire assets to operate Capella Hotel business. All of Bangkok from LH and URH will acquire and acquire assets to operate the Four Seasons Hotel Bangkok on the Chao Phraya River entirely from LH.

 

 

At the same time, the CGD committee meeting also approved a decrease in registered capital. By cutting shares that have not been released And reduce the registered capital By reducing the par value (par) from 1 baht per share to 0.61 baht per share to deduct the sub-par value. And compensate the accumulated loss of 1,664.27 million baht, which will result in the accumulated loss of 61.54 million baht.

 

 

After that, increase the registered capital to 9,099.5 million baht from 6,074.99 million baht by issuing new shares of 4,958.23 million shares, par 0.61 baht per share, allotment of 1,653.23 million shares for the exercise of warrants to purchase common shares (Warrans Warrants to issue no more than 1,653.23 million units free to existing shareholders at the rate of 5 existing shares per 1 warrant, with a term of 2 years, exercise ratio of 1 warrant per 1 New shares at an exercise price of Baht 1 per share

 

 

As for the remaining 3,305 million shares, it is a general mandate capital increase that will be allocated to private placement (PP) and existing shareholders in proportion to their shareholding (RO).For the purpose of capital increase To use the proceeds from the share offering to be used in business operations And to be used as working capital of the company And to support the expansion of the investment of the company Including to repay the debts of the company

 

The Company set the date of the Extraordinary General Meeting of Shareholders No. 1/2021 on January 18, '21 to consider such matters.



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