SIRI Adds ฿194M. to Hold 26% Stake in ‘The Standard’, Expanding Intl. Hotel Business
SIRI invested 194 million baht to increase its stake in 'The Standard' to 25.82%, aiming to expand the hotel business to international.
Sansiri Public Company Limited (SIRI) has reported the subscription of newly issued shares, “Right Offering” in an associate company, i.e. Standard International, LLC (The Standard), the United States. The issuance of the newly issued ordinary transaction has successfully completed on January 31, 2019.
SIRI subscribed the newly issued share, both of its proportion and in the portion of unsubscribe shares of other shareholders with a total investment of the shares acquisition approximately 6.15 million US dollars or approximately 194.01 million baht.
Such shares acquisition is an additional investment from the existing agreed amount of 58 million US dollars. At present, the Company invested in The Standard of approximately 25.82% of its total shares.
Standard International owns and operates as a hotel. The company offers rooms, food, drinks, meeting and events facilities, spa, and online tracking services. This investment is mainly to develop The Standard Hotel and Standard Residences Project in Thailand. The Standard plans to expand its branch to 10 this year from the current five branches, and to 20 branches in five years.
