Shareholders greenlight increasing ownership in Four Seasons Hotel Bangkok and Capella Bangkok
Shareholders approved the additional acquisition of 49% of the investment in the Four Seasons Hotel Bangkok and Capella Bangkok, and the name change from Padaeng Industry Public Company Limited to “Bound and Beyond Public Company Limited” with a new trading symbol of “BEYOND”.
At Padaeng Industry Public Company Limited (PDI)’s Extraordinary General Meeting (EGM) No. 2/2021 on September 23, 2021, shareholders approved the additional acquisition of 49% of the investment in the Four Seasons Hotel Bangkok and Capella Bangkok, the disposition of the solar energy business in Japan, and the change of the Company name from Padaeng Industry Public Company Limited to “Bound and Beyond Public Company Limited” with a new trading symbol of “BEYOND” in order to craft a new transformative image that is consistent with the company’s latest corporate strategy.
Mr. Tommy Taechaubol, Managing Director, stated on behalf of the Board of Directors and managements, “I would like to express gratitude to fellow shareholders for their support in approving all agenda items and embracing the Company’s transformative vision and bold direction, particularly the additional acquisition of 49% in Urban Resort Hotel Company Limited (URH) and Waterfront Company Limited (WFH) from Landmark Holdings Company Limited (LH) to own 100% in one of Bangkok’s most prestigious luxury hotels, Four Seasons Hotel Bangkok and Capella Bangkok. These are brand-new ultra-luxury hotels situated along the Chao Phraya River with stunning facilities and managed by world-renowned hotel management companies, Four Seasons and Capella, and have received several accolades from reputable organizations. In the recent Travel + Leisure 2021 World’s Best Awards, Capella Bangkok was named the world’s fourth best hotel”.
Additionally, shareholders have approved the Company’s name change to “Bound and Beyond Public Company Limited” with a new trading symbol of “BEYOND” to reflect the Company’s imminent business strategies and innovative direction, as well as the Company’s goal of becoming a leading international hotel owner and manager.
“This is a significant milestone in the Company’s transition from commodity and energy business to hotel operator under the new name “BEYOND”, which started off with a significant successful investment in the Four Seasons Hotel Bangkok and Capella Bangkok that paves the way for the Company to become one of the leading hospitality players in Thailand. BEYOND also plans to launch a new flagship hotel under its own brand and management in the near future. With a strategic prime location in the CBD area on Sathorn road, the investment cost is estimated to be around THB 1,500 million. Thailand’s tourism and hotel industries are significant part driving Thailand’s economy and are well recognized by international travelers worldwide. The Company believes this is a once-in-a-generation opportunity for a strategic acquisition at a discount value. With travel activities also showing signs of improvement, led by domestic travel, the Company believes that the tourism and hospitality industries will experience rapid growth once the current crisis has fully recovered” Mr. Taechaubol added.
Shareholders also approved the disposition of PDI Energy Company Limited (PDIE) to BAFS Clean Energy Corporation Limited (BC), a subsidiary of Bangkok Aviation Fuel Services Public Company Limited (BAFS), for approximately THB 768 million. PDIE owns the investment in two Japan solar energy plants with a combined capacity of 13 Megawatts. On March 1, 2021, the Company sold all solar energy plants in Thailand with a capacity of 36.4 Megawatts to BC, receiving THB 1,704.67 million. The proceeds from the sale of Japan’s solar energy plants are planned to redeem the existing debenture that is approaching its maturity and to fund future hotel investments.