Asset World Corporation Public Company Limited (AWC), a leading real estate development and management company under the TCC Group, which focuses on providing comprehensive lifestyle solutions in Thailand with a diverse investment portfolio in prime locations, has announced plans to sell up to 8 billion shares in its initial public offering (IPO), consisting of approximately 6.957 billion newly issued shares, with an additional allocation of up to 1.043 billion shares. The offering price is set at 6.00 Baht per share, with a roadshow for investors scheduled for Wednesday, September 11. General investors can subscribe for shares from September 25 to 27. The management aims to raise funds to support the company's growth potential in both the hospitality and retail & commercial real estate sectors in Thailand, to capitalize on the growth of tourism and urban expansion.

          Nawallapa Traisorat, CEO and Managing Director of Asset World Corporation Public Company Limited, stated, "AWC is very pleased to have received approval for the public offering of shares from the Securities and Exchange Commission (SEC). AWC is ready to proceed with the offering of up to 6.957 billion new shares, representing no more than 22.47% of the total issued and paid-up shares of the company after this offering (excluding the overallotment). There may also be an overallotment option of up to 1.043 billion shares, with the proceeds from the overallotment used to stabilize the stock price and enhance investor confidence in the stock's stability during the first 30 days after listing."

          AWC has collaborated with underwriters, including Kasikorn Securities Public Company Limited, Bualuang Securities Public Company Limited, Phatra Securities Public Company Limited, and SCB Securities Company Limited, to set the offering price at 6.00 Baht per share. Leading institutional investors, both domestic and international, categorized as Cornerstone Investors, have committed to subscribe for a total of 3,454,000,000 shares, or approximately 50% of the shares offered (excluding the overallotment), at the price of 6.00 Baht per share. The interest and investment agreements from these 13 leading Cornerstone Investors demonstrate confidence in AWC's fundamentals and growth potential."

          "AWC operates as a leading real estate development and management company focused on comprehensive lifestyle solutions in Thailand, with ownership of 90% freehold land. The company is the largest owner of midscale and upscale hotels in Thailand based on the total number of rooms and properties acquired under the 2019 share purchase agreement in both the central business district (CBD) and popular tourist areas that attract MICE and various types of tourists, with a network of hotel management partners under six leading international brands and a global customer base of over 300 million. (2) The retail and commercial real estate sector includes properties for retail and wholesale operations, such as the iconic Asiatique The Riverfront community shopping mall and community market under the Gateway, Pantip, and Tawan brands. Additionally, AWC owns the Empire Tower, a Grade A mixed-use office building in Bangkok."

          "AWC also has ongoing plans to develop various real estate projects, supported by the TCC Group's ecosystem, which will help create sustainable growth in the future and increase the long-term value of capital. AWC plans to invest in a total of 14 projects, using funds raised from this offering to purchase and develop businesses, including notable projects such as the Bangkok Marriott Hotel The Surawongse, which shows high potential based on financial comparisons with competitors, despite having just opened in April 2018 and being in the ramp-up phase. Other projects include Hua Hin Marriott Resort & Spa, Phuket Marriott Resort and Spa in Nai Yang Beach, and Holiday Inn Express Bangkok Sathorn. Additionally, there are projects that will be rebranded internationally, such as the Imperial Mae Ping Hotel, Grand Sole Hotel, and Pornping Tower Hotel (which will be rebranded as Melia), as well as new hotel developments like Charoenkrung 93, targeting business travelers and tourists, East Asia Hotel, a luxury hotel in a historic building over 100 years old by the Chao Phraya River, and Banyan Tree Jomtien Pattaya, a mixed-use project in Pattaya that includes hotels, retail, and various recreational activities, with large event and meeting spaces on Pattaya Beach. All these projects are set to gradually open between 2021 and 2023," Nawallapa explained about future projects.

          In the retail and wholesale real estate sector, the company plans to develop and improve various projects, such as the mixed-use real estate project including the Asiatique The Riverfront extension (Phase 2), Bangkok Marriott The Asiatique, and Charoenkrung 93 hotels. The improvements and developments of AWC's projects aim to cater to a more diverse customer base, with ongoing feasibility studies for the redevelopment of Pantip Plaza Pratunam into a mixed-use property or other formats, and plans to introduce new entertainment and recreational options for retail properties to maximize the potential use of project spaces.

          "After listing on the stock exchange, AWC will have a total of 27 projects in the hospitality sector, up from the current 14 projects (including 10 operational hotels and 4 additional projects under the 2019 share purchase agreement) and 13 hotels under development or planned for development (11 hotels under development and 2 mixed-use projects). Within the next five years, AWC will have a total of 8,506 hotel rooms. In the retail and wholesale real estate sector, the company will have a total net leasable area of 415,481 square meters across 11 projects, with 9 operational projects (including 1 project where the company has signed a management agreement for Gateway Ekkamai and is considering investing in the Gateway Ekkamai project in 2019) and 2 projects under development and testing readiness (Test Run), along with ownership of 4 office buildings with a total net leasable area of 270,594 square meters.

          In the hospitality sector, the company continues to focus on expanding its hotel business scale to become a key partner for leading global hotel chains, especially best-in-class hotels, while enhancing access to key locations in each area by selecting the right type of hotel for each area and the lifestyle of local residents and tourists. Importantly, it aims to leverage collaboration within the group, particularly in mixed-use projects. In the commercial real estate sector, the company will continue to emphasize a Barbell Strategy by creating destinations to meet global tourist demand and balancing projects to address the needs of local communities, while consistently presenting innovative ideas as a first mover and proactively managing tenant satisfaction by adjusting and developing products and services, as well as spaces for shoppers and office workers renting space, strengthening relationships with tenants to support their long-term business operations and create ongoing stability. Additionally, there will be a cross-platform marketing strategy through bundled sales in both similar and different retail categories," Nawallapa added.

          "The IPO is a significant step to support AWC's operations, helping to build a solid foundation for the company as a leader in the development and management of premier real estate projects that focus on comprehensive lifestyle solutions in Thailand, to seize opportunities from macro-level factors supported by the tourism sector, which saw 38.3 million foreign tourists visiting Thailand in 2018, according to JLL, with a tourism growth rate of 10.1% per year over the past decade. Additionally, the MICE segment has grown by 47.6% per year from 2012 to 2017, with Bangkok remaining one of the top tourist capitals in the world. Urban expansion continues to show strong upward trends, with the United Nations estimating that the urbanization rate will increase from 49.9% currently to 58.4% by 2030 and 69.5% by 2050, leading to increased demand for retail and office space. With expertise in developing real estate tailored to each market and customer segment, along with the ability to leverage international marketing plans and networks of international hotel management members, AWC's business is well-positioned for stable long-term growth under the support of the TCC Group for projects the company has developed, is developing, or plans to develop in the future, with rights under contracts that allow access to high-potential projects and land to support sustainable growth plans," Nawallapa concluded.

          Dr. Karn Patthiwetwanakit, CFO of Asset World Corporation Public Company Limited, stated, "The performance of Asset World Corporation Public Company Limited has shown strong, continuous, and balanced growth, with net profit from operations in 2018 accounting for 52% in the hospitality sector and 48% in the commercial real estate sector. For the first six months of 2019, ending June 30, the company reported revenues and net profits from its two main business segments of 6,442 million Baht and 3,114 million Baht, respectively, reflecting AWC's strong foundation from strategic and continuous property improvements that meet the diverse needs of customers by utilizing different formats and brands. With experience and expertise, the company can develop projects within appropriate timelines and cost-effectively, with many projects entering the ramp-up phase, generating revenue and profits that are growing rapidly."

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