Mercurius to buy 50% stake in Thai property developer

Singapore

MERCURIUS Capital Investment is looking to buy a 50 per cent stake in a Thai private property developer, Grand Bay Hotel, for more than 335 million baht (S$14.69 million) from Thailand-listed real estate developer Apex Development.

Mercurius will also jointly develop the Sheraton Phuket Grand Bay Resort in Phuket, Thailand, the Catalist-listed firm said in a filing on Monday.

Grand Bay owns several land parcels at Ao Po, Phuket, measuring about 56,496 square metres. The fair value of the parcels was 564.96 million baht as at Aug 30, 2018, based on the latest valuation report commissioned by Apex. The l…