Thailand based Fancy Wood Industries PCL , one of the world’s largest wood and rubber wood furniture producers, has set up a new subsidiary – Fancy Estate Company – to acquire two housing projects worth 355 million baht ($11.09 million), in Thailand.
The new company, which has a registered capital of 10 million baht, will help the group to diversify into the property development business.
Of total investment, 164.6 million baht will be used to take over the Master Navana Housing Project from Capital Town Company and 160 million baht will be spent on buying the Suppanimitr Housing Project from Talay Patong Company. The remaining 20.45 million baht will be paid as fee, tax and other expenses relating to the asset transfer.
The Master Navana project is located on the west of Liab Klong Song road, Pathumthani province. It consists of one plot of land without any construction, covering the area of 10,141 square wah and 59 plots of with partially completed structures. Located on Nimit Mai Road in Bangkok, the Suppanimitr comprises 92 plots of land with incomplete construction and structures.
Vichai Tanpatanarat, director of Fancy Estate, said that the company will spend an additional 220 million baht, on developing detached houses and townhouses for sale both at the Master Navana project and the Suppanimitr project.
Meanwhile, the Office of Securities and Exchange Commission revealed today that there has been a change in the shareholding pattern of FANCY, after Taweesap Jitsopon and Vichai Tanpatnarat bought 21.218 per cent stake from Charnchai Leelaprach and Piya Leelaprach, who sold their shares on April 29.
FANCY stock quote opened at 3.82 baht per share today, declining to 3.58 baht by 11.30 am (local time).