Original disclosure @ IFC website
Updated in EWS Jul 10, 2021
Disclosed by Bank Aug 26, 2020
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According to the bank's website, "Thailand’s leading hotel and commercial property company, Asset World Corp Public Company Limited (AWC or the company - https://www.assetworldcorp-th.com/) headquartered in Bangkok.
The company currently has 16 hotels with an aggregate of over 4,600 rooms, 10 retail centers and four office buildings. The assets are geographically diversified throughout Thailand but are featured in prime business and tourist locations in urban areas.
The proposed IFC investment is a green loan of up to THB4.5 billion (approximately US$137 million equivalent) to fund the following green building projects and working capital (the project):
- Green retrofit and refurbishment with energy efficiency technologies including rooftop solar for Hua Hin Marriott Resort and Spa and heat pumps for hot water for Intercontinental Hotel Chiang Mai and Melia Chiang Mai Hotel.
- Construction of two new greenfield hotels (JW Marriott Marquis Hotel Asiatique Bangkok and Innside Bangkok Sukhumvit)
- Working capital to support the gradual re-opening of AWC hotels following Covid-19-related temporary closures
JW Marriott Marquis Hotel Asiatique Bangkok (800 rooms) is planned for opening after 2024. Innside Bangkok Sukhumvit (208 rooms) is under construction, subject to an uninterrupted incident, generally the construction shall be completed within 36 months from the construction commencement date and will be operated by Melia Hotels International."
According to IFC, AWC is listed on the Stock Exchange of Thailand and is a subsidiary of the Thai Charoen Company (TCC) Group (the “Group”), one of the largest conglomerates in Thailand. The Sponsors of TCC, Khun Charoen Sirivadhanabhakdi and his wife Khunying Wanna Sirivadhanabhakdi founded the Group in 1976, its core business at the time in beverages, and what is now Thai Beverage PCL. The Group has since expanded into real estate, retail, insurance and agriculture, and has a large asset base and diversified interests in Thailand, Singapore and the Mekong region.
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Asset World Corp Public Company Limited
Dr. Karn Prativedwannakij
Chief Financial Officer
56th FL. Empire Tower, 1 South Sathorn Rd., Yannawa, Sathorn, Bangkok 10120 Thailand
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