LC Dev

LC Dev: To acquire 2 parcels of freehold land of 37 rai (59.2k sqm) with building and fixtures, 6 parcels of freehold land in Phuket of total 75 rai (120k sqm) with a hotel, rights to a land parcel in Bon Island and two condo units in The Andaman Cove Condominium. The acquisition will be done with 9 related companies but no mention of the stake involved or details on the companies were revealed. The total cost of acq is approx THB1.4b ($58.8m). Co intends to re-position and upgrade the hotel into a luxury resort and complement its holdings which already includes another resort hotel, Holiday Inn Resort Phuket. Co currently trade at P/B of 0.6x and has net cash of approx 40% of its last done share price based on last reported results.