International financier George Soros’ Quantam Fund has bought a stake in one of Thailand’s largest property developers Golden Land in a 2.8bn baht (£47.6m) share issue.
A consortium of foreign buyers – led by Soros, Hong Kong’s New World Development and Morgan Stanley – has just bought a 47.2% stake in the developer for about 1.5bn baht (£24.6m). The deal is one of the first examples of foreign investors taking significant stakes in listed Thai companies.
Golden Land has also arranged debt restructuring with its major creditors.
According to a company statement, Golden Land intends to concentrate on upgrading properties within its portfolio that show revenue potential. The company also wants to buy and manage Bangkok residential property, hotels, resorts, shopping centres and leisure schemes.
The share issue marks the latest stage in the company’s rehabilitation – in the first nine months of 1998 Golden Land’s net loss improved to 266.9m baht from 746.5m baht in 1997.
EGi News 10/02/99
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