Following the case of AQ Estate Public Company Limited (AQ)’s 4,300 rai estate on Bangna-Trad (Km.32.5), Highway 34, BKK-Chonburi Sai-Mai rd. that the Legal Execution Department had set an auction in four sessions to sell the estate and settle the debt to the loaner who is Krung Thai Bank Public Company Limited (KTB).
In the first session on October 17, 2018, there were total of three cases to be settled in this selloff auction, and all there had been sold to TRA Land Development Co., Ltd., a joint venture company of Ticon Industrial Connection Public Company Limited (TICON), Rojana Industrial Park Public Company Limited (ROJNA) and Asia Industrial Estate Co., Ltd. for a total of 8.9 billion baht.
As a loaner, KTB will likely be able to book 8.3 billion baht to its financial statement on February 1, 2019 as a 105 days credit payment will reach its due date. The gap around 600 million baht from the selloff will be returned to AQ.
More importantly, there was some movement inside TRA Land Development’s shareholders recently. Not long ago, Frasers Property Holdings (Thailand) Company Limited (FPHT), a subsidiary company of Mr. Charoen Sirivadhanabhakdi, a Thai billionaire businessman, had just purchased 26.10% stake of TICON, which was considered all the shares that TRA Land Development had hold in TICON.