Pace reports to SET loss of subsidiaries
Pace Development Corporation Plc (PACE) has clarified to the Stock Exchange of Thailand (SET) that it is no longer in control of two subsidiaries through a special resolution from the company’s shareholders’ meeting.
Pace Development has l ost control of Pace Project One Co Ltd (PP1) and Pace Project Three Co Ltd (PP3) due to a special resolution from the shareholders’ meeting to allot shares in these subsidiaries to Group B shareholders, held by Apollo Asia Sprint Holding Company Limited and Goldman Sachs Investments Holdings Asia Limited.
“The audit committee and the [company’s] board of directors approved the interim financial statements by assuming that the company lost control of PP1 and PP3, and presented the joint venture in the interim financial statements in the second quarter of 2017,” said Pace Development in its statement.
“After the joint venture, the company’s directors and representatives of the [Group B] preference shareholders together have to discuss management and operations of the business every week and report progress to both directors daily, weekly and quarterly.”
The Bangkok Edition Hotel, part of PP1, is 75% complete in terms of structural work and facade, while the MahaNakhon Observatory Deck, part of PP3, is currently in the process of having the core structure and interior decoration completed, said the company statement. Both projects are expected to be opened in the first quarter of 2018.
Pace Development is a high-end property developer, with notable projects such as MahaNakhon Tower along with residential projects like MahaSamutr, a luxury resort project in Hua Hin and luxury condo Nimit Langsuan, which are worth 20 billion baht.
The company also bought one of the world’s most iconic gourmet food brands, Dean & DeLuca, as well as its global business and assets last November for US$140 million (4.63 billion baht).
PACE shares closed yesterday on the SET at 2.06 baht, down sx satang, in trade worth 69.7 million baht.