Asset World Corp Public Company Limited (SET: AWC) has informed the Stock Exchange of Thailand that the company’s board of directors has resolved to approve and acknowledge the following material matters:
1) Establishment of two subsidiaries to conduct businesses as the lessee of assets and property manager of AWC Lifestyle Properties Real Estate Investment Trust (AWR).
1.1) AWC Hotel Property Co., Ltd. (AWR-Hs) was established to lease assets from AWR for the operation of hotel businesses and other businesses related to the hotel business. The subsidiary is expected to commence commercial operations and generate revenue following the lease of the assets from AWR and the commencement of its hotel business and other businesses related to the hotel business. AWR-Hs is set to be established within September 2026.
1.2) AWC Commercial Property Manager Co., Ltd. (AWR-R) was established to provide property management services for the assets of AWR, with commercial revenue expected to commence upon the commencement of its business as the property manager of AWR.
2. Disposal of Assets, comprising the ownership of the assets used in the operations of the following properties:
2.1) Banyan Tree Koh Samui Hotel
2.2) Banyan Tree Krabi Hotel
2.3) Melia Koh Samui Hotel
2.4) Pattaya Marriott Resort and Spa
2.5) The Empire
All five properties will be sold to AWR with the minimum price of no less than THB 48,449 million.
Furthermore, AWC will subscribe for up to 28% of AWR’s trust units, funded via cash flow, bank loans, and/or other sources. Combined with the leaseback transaction (as related transactions within 12 months), the aggregate is still under 25% of total assets — a small transaction.
The Board acknowledged plans to study nine additional properties for potential future disposal to AWR, including Bangkok Marriott Hotel The Surawongse, JW Marriott Marquis Bangkok, The Ritz-Carlton Phuket, Fairmont Bangkok Sukhumvit, Phuket Marriott Resort & Spa, Kimpton Hua Hin, Asiatique The Riverfront, The Hotel Plaza Athénée Nobu Bangkok, and InterContinental Chiang Mai The Mae Ping. Any resulting transactions will require separate Board/shareholder approval.
