SYNTEC Spends ฿235 Million on Rental Properties at Krabi for the Business Expansion

Syntec Construction Public Company Limited (SYNTEC)’s board of directors approved the AN8 Company Company Limited, a subsidiary in which SYNTEC holds 79.90% of shares, invests in rental properties at Krabi province, worth THB 235 million.
The payment will be paid in cash and deposit of THB 10 million on a contract to the will of purchase and sales.
According to the investment, AN8 Company Company Limited will acquire 5 stories of Apple A Day hotel building, 4storey of Capuchin hotel building, a total of 90 rooms. The facilities are a swimming pool and pool bar; total living space of the building is 4,777.58 square meters. The land area is 1 rai 2 ngan 53.0 square wah or 653.0 square wah. It is located at 234 and 204 Moo 3, Soi Ao Nang 8, Ao Nang Road, Muang District Krabi Province.

SYNTEC expects to expand the company’s operations in real estate for rent which this investment will help generate more profits forSYNTEC and can be operated in conjunction with the planned expansion of SYNTEC core business in the future.
Moreover, SYNTEC can follow the action closely as a major shareholder and will continue to improve such properties to increase the capacity of the plant and get a return on the investment plans of the management.

The source of funds used to purchase the assets come from the Money supplied which SYNTEC uses part of the cash flow by investing according to the investment proportion which does not affect the working capital of the company’s main business. In the part of the subsidiaries, using loans from financial institutions as the loan terms 7-10 years.