The board of Villa Kunalai Public Company Limited (“KUN”) has approved the issuance of 249.70 million warrants (“KUN-W2”) to existing shareholders (Rights Offering) at a ratio of 3 existing common shares to 1 warrant. This move aims to raise funds for business expansion and future projects, with a revenue growth target of reaching 2 billion baht by 2027.

Ms. Prawirat Tevaaksorn, CEO of Villa Kunalai Public Company Limited (“KUN”), a developer of horizontal real estate projects in suburban areas, revealed that the company’s board meeting has approved the issuance and offering of the second series of warrants (“KUN-W2”) not exceeding 249.70 million units to existing shareholders based on their shareholding ratio (Rights Offering) at no cost, at a ratio of 3 existing common shares to 1 unit of the second series of warrants (KUN-W2). The warrants will have a validity period of 2 years from the date of issuance.

The KUN-W2 warrants will have an exercise ratio of 1 warrant per 1 common share, with an exercise price set at 2.20 baht per share. Holders of the second series of warrants will be able to exercise their rights every 6 months after the issuance and offering of the second series of warrants (KUN-W2).

Additionally, the KUN board has approved an increase in the company's registered capital by 162,307,180 baht from the previous registered capital of 434,555,031.50 baht, divided into 869,110,063 shares with a par value of 0.50 baht per share, bringing the total registered capital to 596,862,211.50 baht, divided into 1,193,724,423 shares with a par value of 0.50 baht per share. This includes the issuance of 324,614,360 new common shares with a par value of 0.50 baht to support a general mandate capital increase for private placement and the issuance and offering of the second series of warrants (KUN-W2), which will be proposed for approval by shareholders on July 27, 2023.

The purpose of issuing the KUN-W2 warrants is to prepare funds for the company's existing business expansion and new project development plans, as well as to support business operations related to the company's core business and to serve as working capital.

The funds raised from the exercise of these warrants are expected to support growth over the next 2-3 years, with an estimated 549.35 million baht expected from the fundraising after shareholders exercise their rights. This will positively impact the company by providing capital for further development and supporting future project expansions.

Furthermore, the company successfully offered up to 68,639,992 shares to existing shareholders based on their shareholding ratio (Rights Offering) at a price of 2.10 baht per share, allocating shares at a ratio of 10 existing common shares to 1 new common share in late May. The success of this capital increase through the Rights Offering reinforces the confidence shareholders have in KUN, resulting in a fundraising of 131 million baht. This capital will be utilized to enhance various projects, aiming for the business to double its growth in the future, targeting a revenue level of 2 billion baht by 2027, and further strengthening the company's financial position.