(Mr. Panote Sirivadhanabhakdi)
Chairman of Executive Committee

The continuing success of Golden Land Property Development Public Company Limited arises from the dedication of all stakeholders. Combined with an appropriate strategy for financial stability, long-term and short-term business management, including the exchanging of knowledge with the Fraser Property Group have made the Company impressive performance throughout the past periods.

However, this year’s economic environment is facing various challenging factors, both from within and outside thailand as well as the mortgage loans measurement of the Bank of Thailand that has a direct impact on the real estate industry to begin to shrink, with the Company having to adapt for cautious growth strategy.

All the time since the Company has integrated cooperation with the Fraser Group, the financial strength, and business potential of the Company have significantly increased, all of which have a positive effect on the confidence of Investors. This year, the economic challenges have increased considerably; it is considered appropriate time for the Company to be embedded as a part of the Fraser Group. After Frasers Property (Thailand) Public Company Limited acquired the shares of Golden Land Property Company Development Public Company Limited from the voluntary tender offer for all securities of the business. As of 20 September 2019, Frasers Property (Thailand) Public Company Limited holds 94.77% of the Company’s shares.

This acquisition is a crucial step as it combines two leading real estate development organizations. Therefore, it creates strength, increases competitiveness at both Thailand and beyond at ASEAN level. It also increases the efficiency and land utilization of the development of assets of both organizations.

As the Executive Chairman, I would like to thank all relevant parties for supporting the operations of Golden Land Property Development Public Company Limited all along, including acknowledging the staff who enable the Company to be able to stand and maintain its strength amidst challenging economic conditions throughout the year. This dedication of employees is an essential foundation that will enhance the growth of the organization to become a leading real estate development company with excellent performance and sustainable returns for all parties involved.

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