STPL makes a move into property development
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STP&I Plc subsidiary ST Property & Logistics (STPL) has acquired 51 rais (about 8 hectares) of land in Kookot sub-district, Lamlukka, Pathum Thani province worth Bt1.2 billion, the company reported to the Stock Exchange of Thailand on Monday.
The deal follows a meeting of STP&I Plc’s board on October 17 when directors passed a resolution to endorse transactions to acquire land and buildings which have long-term lease agreements, from Borneo Agencies, for an amount not exceeding Bt1.3 billion.
The acquisition is part of a move into property development and logistics in order to diversify operational risks and of gaining additional profits.
The acquisition was completed on December 21.
