Thai holding company Univentures Pcl is acquiring 35 per cent stake in construction management company Stonehenge Inter Co Ltd from Hong Kong-based Trend Wealth Enterprise Ltd for 400 million baht ($11.26 million).
The deal includes Trend Wealth Enterprise’s entire 350,000 shares which are being sold ten times higher than the par value of 100 baht each.
The transaction is expected to close by the end of July or August this year, Univentures’ president Warawat Srisa-an said, in a statement.
This acquisition is expected to enhance Univentures’ advantage in property development business given Stonehenge Inter’s expertise in construction management and consulting services.
Founded in 2004, Stonehenge Inter has executed engineering and consulting services for over 200 projects in both private and government sectors. It has 140 employees. It is engaged in building projects covering office space, dwelling units and factories.
Univentures reported a consolidated net profit of 114.33 million baht in the first quarter, up from 105.29 million baht in the same period last year.
Majority owned by tycoon Sirivadhanabhakdi family, Univentures hopes to be one of Thailand’s top five property developers by 2020. It holds 55.73 per cent in the listed Golden Land Pcl and follows an active acquisition strategy of local property developers and related firms.
Together with Golden Land, it also launched Golden Ventures Leasehold REIT in March, raising around 10 billion baht in the IPO.
Univentures was founded to operate the manufacturing and distribution of powdered zinc oxide business before it diversified into property development and energy.