The Thai Stock Exchange (SET) has taken significant steps to oversee the investment strategy of Triton Holding Public Company Limited (TRITN) as it advances the development of The Haven property project. The board of the SET has mandated TRITN to outline investment monitoring measures and report on the progress of The Haven project.
This directive, issued on February 25, 2023, calls for TRITN to disclose detailed information about its investment practices and project updates, as well as any potential capital increases. These findings are to be published via the SET’s information dissemination system by February 28, 2023. This monitoring is particularly important due to the scale of the capital and asset involved, which is estimated at up to 2.29 billion baht.
The directive follows TRITN's board decision to acquire all assets from Baan Rai Techaubon Holding Company Ltd. This acquisition aims to bolster TRITN's development of The Haven project, with plans to compensate shareholders of Baan Rai Holding through increased shareholder capital.
Despite the estimated asset transaction representing 99.73% of the standards set for consideration as backdoor listing, the SET has opted for caution to protect investors. The firm will need to report quarterly progress, with reports subject to the approval of TRITN’s board of directors and the audit committee.
TRITN's CEO, Louis Techaubon, conveyed to the SET information related to upcoming capital measures, noting the intention to issue shares proportionally to existing shareholders. This approach aims to minimize both price dilution and control dilution concerns. The company is optimistic about generating additional funds, projecting the capability to raise approximately 490 million baht from interested investors following proper completion of the acquisition.
Such measures are part of TRITN’s broader strategy to manage the dynamic market conditions within the Thai property sector and to align with regulatory compliance to maintain investor confidence. The upcoming disclosures will allow investors to gauge the project's status, alongside the financial viability of the forthcoming capital increase.
Industry analysts closely observe how such developments may affect TRITN's stock performance as The Haven venture progresses. With the health of property development being closely tied to overall economic conditions, TRITN's transparent reporting could signify pivotal movements within the sector.
The Haven project marks one of several developments TRITN is undertaking, pivotal not only for the company’s growth but also for positioning itself favorably within the booming Thai real estate market. Given the rising demand for residential and commercial properties, the company's ability to navigate these regulatory waters successfully could set the foundation for future expansions.
With February 28 approaching, all eyes will be on TRITN as it furnishes the necessary reports and updates to both the SET and its investors, with hopes of fostering confidence and secured backing as the company aims for completion of The Haven project.