Lombard Investments, Inc. is pleased to announce an investment of US$18.9 million in Krungthep Land Public Company Limited, one of Thailand's leading, privately held, mid-sized residential home builders. The transaction closed on January 31, 2008. A representative from Lombard has joined the Company's board of directors.
Lombard subscribed to a special issue of 5-year convertible debentures, convertible into ordinary shares representing a 20.2% equity interest in the Company.
"We are delighted to work with KLand's management team as we support the Company's next level of growth and success," commented Mr. Thomas Smith, Managing Director of Lombard. "We see significant growth opportunities for the Company due to rising domestic and international demand for well-located, amenity-rich, Bangkok CDB housing for Thai and expat professionals. This growing class of professionals is attracted to KLand's high quality, international style architecture."
About Krungthep Land PCL:
Founded in 1984, KLand specializes in the development of mid to high end residential properties in the Bangkok metropolitan area. Since 2003, KLand has enjoyed a long-term strategic partnership with Frasers & Neave Group, a leading Singapore-based builder of condominiums and serviced apartments throughout Southeast Asia. To date, KLand has completed four single-family and townhouse projects. At present, the Company is building three low-rise housing projects and one high-rise condominium with a total value of approximately $525 million.
About Lombard Investments:
Lombard is a leading international private equity investment manager with offices in Bangkok, Hong Kong and San Francisco. Formed in 1985, Lombard has made more than 75 controlling and significant minority investments in Asia and North America. The firm's investors include some of the world's largest and most respected financial institutions, major pension funds and corporations, as well as family investment offices in Asia, North America and Europe. Lombard made its investment in KLand through Lombard Asia III, the firm's South East Asia and Greater China private equity fund. -- Lombard Investments, Inc.
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