TEE Land

TEE Land: Associate company Chewathai Ltd acquires a residential freehold site in Thailand for $2.8m. The estimated land area of 11k sf has the potential to be redeveloped into an eight storey building and is located on Pracharaj Sai 2 Road in Bangsue District, Bangkok. The acquisition will be funded by IPO proceeds and bank loans. The district is densely populated with low and middle income population. Management expect land prices to trend upwards due to its location being 100m from the new BTS station, Bang Pho, which is expected to complete construction in three years. No further details were provided on the expected completion of the development. At the last closing price of $0.405, TEE Land trades at 1.3x P/B