IFA to Loan THB 395 million to Raimon Land

Category: Real estate, Posted:26 Mar 2009 | 13:42 pm

High profile developer Raimon Land is set to obtain a short term loan of THB 395 million at an annual interest rate of 10% from one of its primary shareholders IFA Hotels and Resorts. In a notice to the Stock Exchange of Thailand the key terms and conditions have been disclosed in a connected transaction and that no collateral has been posted for the bridge loan.
Raimon Land has developed Kata Gardens, The Heights and is yet the launch the Amalfi project in Phuket. The stated purpose of the loan in the notice posted on the company website is the repayment of debt and working capital for projects current under development. Shares in the company are currently trading at twenty satang.
While Thailand's residential market has been hard hit by the current economic downturn, this announcement restores a certain degree of confidence in recognition of overseas investors such as IFA towards improvements in market recovery.

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