Siam Piwat has revealed its vision to expand its operations both within Thailand and overseas – and that it has commissioned consultants to consider a public share offer among other initiatives.
The Thai-headquartered company that owns and operates Siam Paragon, Siam Center and Siam Discovery – and is a joint venture partner of IconSiam and Siam Premium Outlets Bangkok – is already a leading world-class developer of global destinations.
The company has reported a 25 per cent year-on-year increase in operating results over the first half of this year, fuelled by a 50 per cent increase in the combined number of visitors to its OneSiam malls – Siam Paragon, Siam Center, and Siam Discovery – to an impressive 45 million.
IconSiam, the new landmark of Thailand on the Chao Praya River, has drawn more than 100,000 visitors daily, welcoming 15.5 million Thai and international visitors during the first half of this year. That represents 70 per cent growth over the same period last year.
Such growth has prompted Siam Piwat to appoint two financial consultancies – Kiatnakin Phatra Securities and Kasikorn Securities – to assist with the development of a financial plan and explore options for appropriate fundraising methods, including the possibility of a future listing on the Stock Exchange of Thailand.
“The retail and real estate development industry across the world is abuzz with activities again after having emerged from the Covid-19 pandemic,” said Chadatip Chutrakul, CEO of Siam Piwat Group, who announced the expansion plan, (pictured above).
“Over the past 12 months, we have been approached by premier real estate developers from various countries. Many have travelled to Thailand to visit our shopping malls and expressed their wishes to invite us to be their partner in landmark development projects in different countries across Asia.
“Since we are creating an overarching five-year strategic plan, in addition to domestic expansion the board of directors has approved further study of expansion opportunities in selected countries in Asia as well. We expect to be able to complete and unveil the expansion plan in early 2024.”
Chadatip described it as “an absolute honour” to have been approached by prominent real estate developers from numerous countries with joint investment opportunities.
“It is a testament to the global recognition of Siam Piwat as the Icon of Innovation that pioneers innovative concepts that have garnered numerous accolades across various categories on the global stage,” she said.
“Our works have served as a source of inspiration to all and supported Thailand’s economy and tourism over the years. Today, Siam Piwat is ready to take the next confident step towards expanding its business and establishing its presence internationally,” concluded Chadatip.
