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WHA to relaunch IPO of Hemaraj Land and Development

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WHA to relaunch IPO of Hemaraj Land and Development

subsidiary HemarajLand and Development Pcl will go public by 2016 year-end, the Bangkok Post reported, citing WHA CEO Jareeporn Jarukornsakul.

Thecompany had previously postponed the IPO amid its financial advisers' concernover the economic outlook in Thailand. However, WHA revived the plan with hopesto gain leverage from the national government's program.

HemarajLand's public offering will be intended for the utilities and power business,which would have a market capitalization of over 10 billion Thai baht,according to Jareeporn.

Thesubsidiary's business focus involves the development of industrial estates,utilities, power, and property solutions and services, according to its website.

WHAreportedly planned to list the first office REIT in the country in the fourth quarter of 2015,following approval from shareholders for a proposed of Hemaraj Land in Septemberof that year.

Thecompany acquiredHemaraj Land in November 2014 for a purported price of 43.7 billion baht.

As of July 22, US$1 wasequivalent to 34.93 Thai baht.