CPN raises Bt10 bn to fund business expansion
The Chirathivat family, the major shareholder of Central Pattana (CPN), said it has raised funds totalling Bt10 billion to support CPN's business expansion through the sales of big-lot stakes and newly issued shares.
The company reported to the Stock Exchange of Thailand yesterday that two shareholders sold big-lot stakes totalling 83.85 million shares at a price of Bt50.76 each, worth a total of Bt4.25 billion, to local and foreign funds.
CPN yesterday also sold 130.4 million shares at a price of Bt50.75 each in a private placement of its newly issued shares. The private placement is part of the company’s plan.
An analyst at Bualuang Securities noted that the big-lot sale might have an impact on CPN stock in the short term but added that it could help increase liquidity for CPN, which requires capital to support the construction of a new shopping complex.
The analyst expects CPN will announce additional projects from an earlier plan to build three or four new shopping complexes per year.
CPN’s stock price yesterday closed at Bt52, down by Bt1.25 from Tuesday.
