SIRI Invests ฿10M. In Appy Corp. to Innovate Real Estate Technology
SIRI will purchase 25% of Appy’s newly-issued ordinary shares, equivalent to 10 million baht to invest in improving real estate technology.
Sansiri Public Company Limited (SIRI) has announced the investment of Siri Ventures Co., Ltd., SIRI’s subsidiary, in Appy Corporation (Thailand) LTD by purchasing 75,000 newly-issued ordinary shares, equivalent to 25% of its paid-up capital, with the investment value of 10 million baht, while Cofa Holdings Limited Group holds the other 75% stake.The price agreed was based on the discounted cash flow approach.
Appy Corporation (Thailand) LTD is platform developer for real estate business, i.e. software development of Home Automation and Home Service Application. The application provides the convenience to resident (user) by various functions such as facility booking, connecting to external services and connecting to smart IoT (Internet of Things) devices in their home.
SIRI will receive an increase in revenue portion from the recurring income and encourages Sansiri to be the leading real estate developer in ASEAN level, while being able to apply technology in real estate business to increase competitiveness and respond the changing in lifestyle of customer.
