Bangkok--11 Jul--IR Network
Ananda Development PCL (“Ananda” or the “Company”) announces that the Board of Directors has approved the issuance of securities in the amount of not more than two hundred million United States Dollars or equivalent amount in other currencies.
The funds will be used for business expansion and also as a revolving fund in the business and as a substitute for project finance loans which have not been drawn down from a financial institution and to reserve and substitute for a project finance loan which may occur from future business expansion.
The company announced the calling of an Extraordinary General Meeting of Shareholders to be held on August 16th, with an agenda that, among other matters, will consider approval of securities.
Khun Sermsak Kwanpuang, Chief Investment Officer of Ananda Development PCL stated that, “We will reveal the details of the securities at our EGM on August 16th, Whatever securities we choose to issue we will follow our commitments made to investors to keep our interest bearing debt to equity at a reasonable and responsible ratio. In addition, we will not issue any securities that cause existing shareholders to be diluted. We will issue securities in the most appropriate type, location and currency for the benefit of the company and shareholders as market conditions determine.”
Khun Chanond Ruangkritya, CEO of Ananda Development PCL stated that, “There are many well priced land plots located close to mass transit stations available for us to purchase and very strong demand for affordable condominiums close to mass transit stations. Increasing the capital available for investment allows us to accelerate our growth and fulfill our mission as a company of providing modern, stylish and affordable properties that allow the citizens of Bangkok to get the most out of the new mass transit infrastructure being built and help improve the quality of life in our city and ease urban suffering.”
-KP-
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