Noble Development Public Company Limited (SET: NOBLE) is poised for a significant transformation following the announcement of a Voluntary Partial Tender Offer (VTO) by Co-CEO, Frank Fung Kuen Leung.
The VTO aims to acquire up to 205,412,054 shares, or 15% of the company’s total voting rights, at a price of THB 2.32 per share. The initiative is the result of long-term strategic planning between Frank and Thongchai Busrapan, Chairman and Co-CEO of NOBLE.
Thongchai, who has been instrumental in NOBLE’s development over the past eight years, emphasized that the tender offer is part of a thoughtful succession plan and generational transition. He described the company as being in its most stable phase, thanks to continuous project launches and operational resilience.
Thongchai underlined the importance of initiating succession during a strong phase, ensuring smooth transition of responsibilities to avoid disruption among employees, partners, and financial institutions.
A comprehensive management restructuring is targeted for mid-2026 to prepare the company for future growth.
Upon shareholder approval during the Extraordinary General Meeting scheduled for October 30, 2025, and subsequent completion of the VTO (expected between late December 2025 and January 2026), Frank and his affiliates could see their holding increase from 19.46% to as much as 34.46%.
Thongchai reassured stakeholders that he will remain NOBLE’s second-largest shareholder for at least the next 3-4 years, and that operational leadership will continue with no internal conflict.
NOBLE anticipates significant improvement in its 2025–2026 operating results. Four new condominium projects—New Evo Ari, Noble Create, New Riverrest, and Noble Form Thonglor—worth over THB 16 billion are on track for handover in 2H25, with current combined sales already surpassing THB 8.6 billion. These project completions will strengthen the company’s finances by reducing debt and lowering the debt-to-equity ratio to below 2x, while simultaneously boosting revenue from backlog sales.
Additionally, NOBLE maintains over THB 8.7 billion in ready-to-transfer inventory from these projects, with THB 9 billion more in ready-to-transfer inventory from other developments—supporting its revenue growth and financial stability.
Looking ahead, Frank will spearhead NOBLE’s pivot toward international markets and an asset-light strategy. NOBLE’s overseas sales already account for more than 50% of total revenues, a segment that Frank seeks to further expand, leveraging his strong international network.
For 2025, the company targets presales of THB 6-7 billion from international buyers, roughly half of all presales, expecting even stronger results in the second half as new projects become available.
Frank identified sustained demand from international buyers—particularly from India, Russia, the Middle East, and China—driven by Thailand’s attractive pricing, prime locations, connectivity, and safety.
