Mr. Pongpan Sampaokup, CEO of APEX Development Public Company Limited (APEX), stated, "The company's board of directors has approved the sale of shares in its subsidiary, Grand Bay Hotel Co., Ltd., totaling 2.5 million shares, representing 50%, to Mercurius Capital Investment, a public company listed on the Singapore Stock Exchange and an expert in investing in premier real estate projects, for 335 million baht. This investment is for the Sheraton Phuket Grand Bay Resort project located in Ao Po, Phuket, which has a project value of approximately 1.837 billion baht."

          APEX will benefit in several ways from this share sale. Firstly, the sale price of 134 baht per share is significantly higher than the book value (72.47 baht per share), exceeding it by 61.53 baht per share, or a total of 153.825 million baht. The recognition of profits from this asset sale will comply with the relevant accounting standards.

          Secondly, the company has gained a partnership with Mercurius, which brings business and financial potential, as well as expertise in real estate investment, enhancing the capacity for this project and other development projects of APEX.

          The construction budget for this hotel will be proportionate to the joint investment. Given the readiness in construction and funding, we believe the hotel will be completed and operational by the end of next year (2020) as planned, along with the sale of hotel assets to generate profits in line with the company's policy.

          Regarding other ongoing projects in the southern tourist provinces, we have the Club Med Krabi Resort and Residence at Long Beach in Krabi, which launched at the end of last year and has already achieved 65% sales. Additionally, there are two beachfront projects: Sheraton Krabi Ya Beach Resort & Residence and Delta Hotel by Marriott Mai Khao Phuket Resort and Residence, which are scheduled to launch in October 2019 and beyond.

          Besides the hotel segment, the Sheraton Residence project at Ao Po, which we fully own, is nearing completion and is expected to generate revenue by the end of this year. We have already sold over 75% of the residence project, amounting to over 1.6 billion baht in revenue awaiting recognition. I believe that from the second half of the year onwards, APEX will have several positive developments for its shareholders.

 

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