Country Group Holdings, the listed holding company behind the developer of the Elements Srinakarin condo and the Chao Phraya Estate project (pictured), has increased its stake in fellow high-end property developer Raimon Land.
Country Group Holdings, in a statement to the Stock Exchange of Thailand, revealed its Board of Directors has approved the purchase of an additional 250 million ordinary shares of Raimon Land.
Priced at THB 1.10, the total transaction cost was THB 275 million.
This purchase of shares held by the Thailand Prosperity Fund II was some 6.99 percent of the total paid-up capital of Raimon Land, also listed on the Stock Exchange of Thailand.
Country Group Holdings now holds 12.18 percent of shares in Raimon Land.
The Board of Directors of Country Group Holdings had approved the purchase of shares in Raimon Land since the February 2, 2018.
However, the transaction was a private one and was bound by confidentiality because of the potential to impact the value of share prices.
Then both parties agreed to disclose the information to the SET on February 9.