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Dubai investors acquire major stake in Raimon Land
Two investors based in Dubai have become major shareholders in Raimon Land
PLC; IFA Hotels & Resorts (IFA HR), a listed company on the Kuwait Stock
Exchange, and Istithmar Hotels, the hospitality asset management arm of
Istithmar, a private equity and alternative investment house based in the
United Arab Emirates.
 “We
welcome these two substantial investors” - Nigel Cornick, CEO of Raimon
Land.
Each group has acquired approximately 24.9% of Raimon Land for a total
investment of approximately two billion baht. The transaction gives the two
groups six seats on the Raimon Land Board of Directors.
Commenting on the company’s new shareholders, Nigel Cornick, CEO of Raimon
Land PLC, said: “We welcome these two substantial investors as new
shareholders. It demonstrates that Raimon Land has become an internationally
recognised Thai developer and reflects the potential we have in our existing
projects and future developments that are planned.”
Mr. Cornick went on to add: “We will benefit directly from these two
partners and their wealth of experience in global real estate markets. IFA
Hotels and Resorts track record in developing high end residential and hotel
resort projects in partnership with such prestigious brands as Fairmont
Hotels, Movenpick and Starwood fits well with Raimon’s thrust into the
resort destinations of Thailand. On its side, Istithmar will bring
international financial and investment expertise, networks and contacts in
key world markets.”
With a market capitalization of over US$1 billion, IFA Hotels & Resorts
specializes in the development of tourism resort projects throughout Europe,
the Middle East, the Indian Ocean and Africa.
Istithmar Hotels FZE is the hospitality asset management arm of the
Dubai-based Istithmar; a private equity and alternative investment house
based in the United Arab Emirates that is 100% owned by Dubai World, which
is in turn wholly owned by the Government of Dubai.
General Motors selects CEVA as logistics provider
CEVA Logistics (formerly known as TNT Logistics) has expanded its activities
with General Motors outside the USA with the announcement of a new contract
with General Motors (Thailand) Limited. The contract is the first logistics
contract between CEVA and General Motors in Thailand.
Matthew Stimpson, Business Development Director for CEVA, commented: “This
is great news for CEVA. General Motors is the biggest automotive company in
the world and we are delighted to have been appointed by them. Their
operation in Thailand is extensive and thanks to our logistics management
systems we will deliver greater efficiencies within General Motors’ supply
chain. The new contract will further strengthen our global relationship with
GM, which includes significant operations in the United States, South
America, Europe and Australia”.
The CEVA operation will involve the collection of components from suppliers
for delivery to General Motors’ plant in Rayong. It is envisaged that the
deal will grow significantly during the second year of the contract.
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