Ananda Development Public Company Limited (SET: ANAN) announced that the board of directors meeting No.13/2022 on December 14, 2022 had a resolution approving the sale of ADC – JV 28 Co., Ltd., (a subsidiary), including all shares, assets and liabilities to GREEN ZONE DEVELOPMENT LIMITED, with a total business value of THB 2,611 million. The company is expected to receive profit from the sale of ADC – JV 28 Co., Ltd. at the amount of THB 506 million.
The company will enter into an agreement with the purchaser on December 23, 2022 and will transfer shares and assets between each other on December 30, 2022. The payment will be split into two tranches, with the first tranche being 60.57% of total consideration and the second tranche being 39.33% of the total consideration to be paid within 18 months of the transaction date.
On 1 March 2019, the board of directors of ANAN resolved to approve the establishment of ADC-JV 28 Co. Ltd to accommodate the real estate development project.