BTS Group Holdings Public Company Limited (BTS) announced the Board of Directors’ Meeting held on October 7, 2020, has approved the following significant matters: (1) the acquisition by the Company of all ordinary shares in Mo Chit Land Company Limited (Mo Chit Land), which engages in office space rental business, from Sino-Thai Engineering and Construction Public Company Limited (STEC) with a total purchase price of Baht 4,450 million and (2) the investment cost of Mo Chit Complex Project, which is a mixed-use building currently under construction, in the amount of approximately Baht 9,940 million.
Mo Chit Land has a paid-up capital of Baht 805,237,500, dividing into 29,550,000 ordinary shares with a par value of Baht 27.25 per share.
Mo Chit Land engages in office space rental business and owns 63 plots of land, located at Chomphon Subdistrict, Chatuchak District, Bangkok, with a total area of approximately 11-0-40.7 Rai and on which the Mo Chit Complex Project, which is a mixed-use building, is currently under construction.
After the entry into the acquisition of all ordinary shares in Mo Chit Land transaction, BTS will continue with the development of the Mo Chit Complex Project, mixed-use building project comprises office building, retail space for rent, and parking space, with the height of 36 floors and 3 basements, having a net floor area of approximately 82,193 square meters.
The sources of funds for the acquisition of all ordinary shares in Mo Chit Land transaction and the investment in Mo Chit Complex Project transaction are expected to come from the sale of property and divestment of treasury investment, as well as cash flow from operation and loans from financial institutions (project financing).