Press Release 31st January 2023
CIG plans to acquire J LING in its strategic shift for new businesses with Singaporean Partnership.
On 27th January 2023, C.I. Group Public Company Limited (CIG) has Board of Directors’ Resolution to present this proposed acquisition to the Extraordinary Shareholders’ Meeting to approve the Transaction of acquiring J LING Solution Company Limited in order to partner with a Singaporean Fund that has a portfolio of Regional Investors and thereby entering into the business of Construction Financing for construction projects in line with its strategic plan. It will implement projects to build Hospitals and Healthcare Facilities, Industrial Estates with Utilities, Cold Chain Management Logistics and Infrastructures, Data Center and Information Technological Networks and Systems. It is confident that through its strengths in fund management and expertise of the new partners in their regional networks coupled with financial support from Singapore, this will create greater revenue opportunities both in and outside the country. CIG expects this strategic shift to spur growth that eventually be in line with its sustainable development business goal.
Bangkok, January 31, 2023 – Aree Phumsanoh, Chairman of C.I. Group Public Company Limited (CIG), which is a leader in international air-conditioning business with more than 30 years of expertise in temperature control technology and evaporator coils as well as advanced production which ensures conveniences and environmental friendliness, said the company intends to own a 100% stake in J Ling Solution Company Limited, which is a joint venture between a forerunning infrastructure construction company specializing in Engineering Procurement Construction Management with Financing (EPCM+F) and a Singaporean fund capital in the business of managing construction projects whilst providing financial support to construction projects that includes but not limited to the construction of hospitals, industrial estates with water and power utilities and cold chain logistic infrastructures. This acquisition will allow CIG to expand its businesses into overseas markets with higher value-add.
“The acquisition of J Ling Solution is aimed at supporting construction management business and financing for construction projects. This is in line with the re-organization plan and investment strategies that were formulated last year for investment in construction projects that will further benefit the ongoing coil production business. The company has been looking for the suitable business organizations that have the potential to open up opportunities for its growth. J Ling Solution, is the perfect choice for this strategic purpose due to its far reaching and strong networks, having shareholders who have the required expertise. J Ling Solution also has solid support from international funds that will strengthen our regional networks and future investments. The company initially has projects related to the construction of hospitals, industrial estates with public utilities and cold chain logistic infrastructures. This invariably supports revenue generation and sales performances of the company and result in higher returns for all parties. The company will table a proposal for the acquisition to a special shareholders’ meeting for approval,” Mr. Aree said.
J Ling Solution is a subsidiary of J Ling Holding Company Limited in which Sathapat Phuthongkham, a major shareholder of JONN Power Idea Company Limited, owns a 50% stake, and Miss Danita Kunteekan, an investor of SHENTON ONE Group of Investors (“SHENTON ONE”) holds the remaining 50% shareholding. JONN Power Idea specializes in Engineering Procurement Construction Management with Financing (EPCM+F) at the regional level. They have jointly supported projects including those of Tokyo Sangyo Thailand, a subsidiary of Mitsubishi.
SHENTON ONE, represented by Mr. Michael Lim, is group of International Investors in ASEAN Countries, who plan to invest in a Variable Capital Company (VCC) under the jurisdiction of the Monetary Authority of Singapore (MAS) and is capable of open-end, close-end and conventional investment.
SHENTON ONE has a considerable number of partners in Southeast Asia, also in collaboration with regional investors and international experts with various industries in Thailand as well as other countries in developing strategies for further value-add and commitment to generate excellent returns for all its shareholders and business partners.
For more information, please contact Pairin Muldee (Tukta) at the office of the managing director at tel. 02 976 5290 ext. 176.