APEX Sells 50% Share Worth ฿335M of “Grand Bay” to Mercurius for JV investment in Phuket

APEX development Public Company Limited (APEX) has approved the joint venture investment in the Sheraton Phuket Grand Bay Resort in Ao Por, Phuket Province by selling the share of Grand Bay Hotel Company limited to Mercurius Capital Investment Company Limited, a company on the Singapore Stock Exchange, in a total of 2,500,000 shares or 50% of all share in the amount  of THB 335,000,000.

The joint venture investment will follow the terms and conditions of the relevant joint venture agreement as proposed with the condition that APEX and/or Grand Bay Hotel Company Limited much obtain consent from various parties. Moreover, APEX has taken other necessary actions for the company sell shares with Mercurius Capital Investment Company limited to contract relating to borrowing from Eighteen Dragon Investment Company Limited and the Sheraton Phuket Grand Bay Resort Hotel Management Agreement.