Ananda Development Divests 5 Service Apartment Businesses to Generate Working Capital

Ananda Development Public Company Limited (SET: ANAN) has announced that it will divest five subsidiaries operating service apartment businesses for 2,540 million baht.

The company announced that the Board of Directors resolved to approve the disposition of investments in the ordinary shares of the 5 subsidiary companies: AMH Ratchada Co., Ltd., AMH Sukhumvit 8 Co., Ltd., AMH Sukhumvit 59 Co., Ltd., AMH Sathorn Co., Ltd., and AMH Pattaya Co., Ltd., the 51% owned in each subsidiary companies of the Company, totalling Baht 2,540 million to Mitsui Fudosan Asia Development (Thailand) Co., Ltd. (MFADT).

The Board of Directors has considered that this transaction will be beneficial to both the company and the shareholders. Also, this will allow the company to have enough working capital and use for future investment.