SIRI Invests ฿18Mn to Take 30% Stake in “Propfit”, Keeping Good Relation with BTS

Sansiri Public Company Limited (SIRI) announced that Siri Ventures Co., Ltd., (which is a subsidiary company), has invested in Propfit Co., Ltd., by purchasing 4,286 newly-issued ordinary shares of Propfit, equivalent to 30% of its paid-up capital, with the investment value of 18,001,200 baht.

 

Propfit Co., Ltd. is a platform developer for real estate business which comprises development on network systems for real estate agents (Digital real estate agent network platform) and tools for supporting sales of real estate property. Also, acting as a central database of real estate property information that connects with real estate agents through platforms. 

 

SIRI expected the Company to be benefited 1. creating community of real estate agents which will increase business opportunities and benefits to buyer, seller, and real estate agents that transact through the platform and 2. leveraging the technology with real estate developer business in order to support sales of real estate property of the Company including portfolio management of Company’s real estate property in an efficient manner and increasing Company’s competitiveness.

 

Mr. Uthai Uthaisangsuk, Director of SIRI, told “Kaohoon Turakij” that the transaction was to increase its ability for further project development, emphasizing that the relationship with U is still intact. SIRI and BTS as of now have nearly 10 ongoing joint development projects such as The BASE Saphanmai, The LINE Phahonyothin Park, etc., affirming robust liquidity as the Company has cash flow more than 10,000 million baht.

 

In addition, SIRI announced that on 30 November 2020 the Company has disposed of two joint venture companies with U for 1,188.19 million baht, while investing in 9 joint venture companies in proportion of 50% from U City in the total amount of 1,547 million baht.