Mr. Lionel Lee, CEO of Raimon Land Public Company Limited (RML), a leader in luxury real estate development in Thailand, announced that the company's board of directors has approved a proposal to the extraordinary shareholders' meeting to appoint Mr. Krit Narongdej as the chairman of the board and Mr. Korn Narongdej as a board member. If approved, both will serve as non-executive directors.

          To present this proposal for shareholder approval, the board has scheduled the extraordinary shareholders' meeting No. 1/2019 for Wednesday, November 20, 2019, at 2:00 PM at Surasak 1 Room, 11th Floor, Eastin Grand Hotel Sathorn.

          In making this decision, the board recognized that the Narongdej family members possess the skills and experience from their diverse business operations at KPN Land Co., Ltd. (KPNL) and have expertise in developing high-end condominium properties. They also have a strong vision for strategic planning and business development advice. The board believes that this addition will positively impact the company's future operations.

          The roles of the two new directors will include setting company policies, expanding the customer base, and promoting the company's products and services to potential clients, particularly existing clients of KPNL.

          “The directors coming from KPNL will support the expansion of new customer bases, both in terms of properties for sale and for rent. The major shareholders will maintain their existing shareholding proportions. The Raimon Land group is confident that support from the Narongdej family will help the company maintain a strong position as a market leader in the luxury real estate sector, where the company currently holds a 16% market share,” said Mr. Lionel Lee.

          Currently, the KPNL group, combined with shares held by Mr. Krit Narongdej personally, totals 892 million shares, representing 21.4% (as of July 24, 2019). Looking at the current board structure of Raimon Land, which has a total of 9 directors, the appointment of family members from the Narongdej family as representatives of KPNL allows for a maximum of 2 out of the 9 directors. This means that the newly appointed family members will not have the influence or control over the board's operations or decisions but will help drive customer base expansion, ensuring the company maintains its strong market share leadership in the luxury condominium market.

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