CIMB Thai Bank, as the sole financial advisor and Krungthai Bank, as the co-lender, recently celebrated the success of Singha Estate Plc.’s (“Singha Estate”) USD 310 million hotel acquisition deal. The collaboration is a testament of Singha Estate’s confidence in CIMB Thai and Krungthai Bank’s financial and business management excellence.
Singha Estate CEO said the deal is part of the company’s strategic investment approach of Smart M&A, which was another step by the company towards becoming a full-fledged premier property development and investment holding company.
CIMB Thai Bank and Krungthai Bank held a joint event to celebrate the success of Singha Estate Plc., a premier property development and investment holding company domestically and globally, for the acquisition of six Asia Pacific Outrigger resort portfolios for the amount of USD 310 million (equivalent to approximately THB 10,334 million).
Kittiphun Anutarasoti, President and CEO of CIMB THAI Bank, said “CIMB Thai Bank is honoured to have played an instrumental role in this landmark deal for Singha Estate. Our customers’ trust spurs us on to deliver the best bespoke solutions for our clients, backed by CIMB’s deep in-house expertise and strong ASEAN network. We congratulate Singha Estate on realizing their journey to becoming a leading fully integrated premier property development and investment company.”
Parinya Patanaphakdee, First Senior Executive Vice President, Krungthai Bank, stated that Krungthai Bank is pleased to have been chosen by Singha Estate as its financial supporter all along. In this transaction, Krungthai Bank has played an important part in driving the initial public offering (IPO) plan for the hotel business and strengthening the company’s business. The company’s achievements of its past deals have reflected its potential and its management’s broad vision in making investment decision on promising businesses. Krungthai Bank looks forward to witnessing and celebrating more accomplishments of the Company in the near future.
Naris Cheyklin, Singha Estate CEO, said that as strategic direction of corporate roadmap to become a fully integrated premier property development and investment holding company with financial strength ready for future business opportunities. This acquisition will strengthen the company’s financial status with immediate recognition of income that will generate sustainable return to the corporate portfolio and also support S Hotels & Resorts Co., Ltd., a subsidiary company, to prepare for its listing on the stock exchange as targeted. From this successful acquisition, Singha Estate has become an owner of six more hotels, comprising of Outrigger Laguna Phuket Beach Resort, Outrigger Koh Samui Beach Resort, Outrigger Fiji Beach Resort – Fiji, Castaway Island Hotel – Fiji, Outrigger Mauritius Beach Resort – Mauritius, and Outrigger Konotta
Maldives Resort – Maldives, making up the company’s total hotel and resort portfolio to 37 properties globally.
“Singha Estate aims to become a global company and positions itself as a value investor, targeting to bring about total revenues of THB 20 billion by 2020. This strategic acquisition of Outrigger-branded hotels in four countries will generate recurring income and mitigate external risk to its hotel investment portfolio through diversification of its customer base and geographical locations across high-yield tourist destinations. With the strategic investment approach of SMART M&A, the company has recorded an asset growth of THB 40.9 billion, which exceeded the target set forth. Coupled with the large-scale investment in the Crossroads project in the Maldives, Singha Estate’s total assets are expected to increase to as high as THB 60 billion and generate the targeted revenues in a shorter period of time,” added Naris.
