Krabi

Apex Development Public Company Limited (APEX) has announced the establishment of two new subsidiaries with a total register capital of 10 million baht to support hotel management in Krabi, following the approval of its Board of Directors’ resolution on September 26, 2018. Long Beach Hotel Co., Ltd. will support the management of Sheraton Krabi project, and Andaman Hotel Co., Ltd will support the management of Club Med Krabi project. Each company has 5 million baht register capital and 1.25 million baht paid-up capital. APEX also adds a note regarding the progress of the Krabi project that the company is in the process to gradually transfer the ownership of land. There are some delays due to the need to conduct a land survey in accordance with the real estate before the registration of the transfer of land owner. It is currently in the process of designing and summarizing the project details. Therefore, the project value cannot be finalized. Furthermore, the establishment of two new subsidiaries to support the projects of Club Med Krabi and Sheraton Krabi is to transfer land under the agreement to buy and to sell and to be able to work on the hotel management. In addition of selling up 2 new subsidiaries company, APEX currently has Movenpick Residences (White Sand Beach Pattaya), Sheraton Grand Bay (Hotel & Residences), Four Points by Sheraton (Sigma Resort Pattaya), Mikhao Phuket, as the existing projects of APEX.