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Pattaya Daily News

11 August 2009 :: 13:08:01 pm 996

Raimon Lands Shareholder Ups Stake to 14.92%

BANGKOK; August 11, 2009 – Leading luxury condominium and real estate developer Raimon Land has received another boost after majority shareholder, Kuwait-based IFA Hotels & Resorts (IFA HR), increased its stake in the company by 14.92%. With its latest investment, IFA HR now owns 41.08% of Raimon Land.
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Raimon Land Chief Executive Officer, Hubert Viriot, said “We have seen great value created by working closely with IFA Hotels & Resorts; the internationally recognised Raimon Land name will be further elevated through IFA Hotels & Resorts’ international network spanning the Middle East, Europe, Africa and North America.”

He added while the global economic downturn continues in most markets across the world, recent reports indicate positive movement across many countries in Asia. The past three to four months will show double digit GDP growth in most of Asia for the second quarter of 2009, with Thailand showing marked improvement for the same period.

“Fortunately, the Asian market is showing signs of healthy recovery in comparison to other regions. We strongly believe we will maintain strong sales levels and will continue to deliver quality products and residences to our valued customers.”

Talal Jassim Al-Bahar, Chief Executive Officer of IFA HR and Vice Chairman , said “The increase in our shareholding in Raimon Land is a testament to our belief in the management, the company, and the great value that Raimon Land adds to our portfolio. We will continue to support the company and benefit from its growth.”He said that over the past several years, the company has delivered luxury residential projects valued at over USD200 million to the Thai market. Additionally, the company has a project pipeline with a sales value exceeding USD1 billion.

Al-Bahar added: “Our strategy has always been to focus on emerging markets; Asia is a key region for us with excellent growth potential which we plan to capitalise on.”

IFA HR President and Chief Operating Officer Werner Burger, said “This increase in investment further enhances synergies between both companies and Raimon Land’s long-term operating viability.”

“Through closer working relationships, both Raimon Land and IFA HR will be better able to utilise their existing international portfolio and network, giving their clients access to a more diverse product portfolio including residences, resorts, private residence clubs and lifestyle experiences around the world,” Mr Burger said.

Raimon Land recently handed over The Heights Phuket project to its customers. The company’s Northpoint Pattaya residential development is on track and scheduled for completion towards the end of this year, followed by handing over to owners shortly after.

Construction of The River, a major condominium project in Bangkok, continues to make good progress, with the landmark project rising steadily on the banks of the Chao Phraya River and is scheduled for completion by 2011.

More info pls contact:

– Pattaranit Imampai Senior Manager, Communications Raimon Land PLC Tel : +66 (0) 2651-9601 to 4 / Fax : +66 (0) 2651-9636 / E-mail: pattaranit@raimonland.com
Kwanrudee Maneewongwatthana DVP Corporate Communications & Branding Raimon Land PLC Tel : +66 (0) 2651-9601 to 4 / Fax : +66 (0) 2651-9636 / E-mail : kwan@raimonland.com

Reporter : PDN staff   Photo : PDN staff   Category : Announcement News

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