Thai group gains China bank funds for project

BANGKOK • Thailand's Country Group Development yesterday said it has secured US$375 million (S$511 million) in financing through China Ping An Bank to develop its luxury mixed-use Chao Phraya Estate project.

Country Group joined Beijing Construction Engineering Group (BCEG) of China to develop the 32 billion baht (S$1.25 billion) project, which includes a high-end condominium and two hotels, Country Group director and chief executive Ben Taechaubol said.

Construction started in the third quarter of 2014 and is scheduled for completion in the fourth quarter of 2018, Mr Taechaubol said. The developer is also looking for opportunities to build super-luxury condominiums in Bangkok where demand is strong.

REUTERS

Saudi Telecom 'looking to sell Binariang stake'

KUALA LUMPUR • Saudi Telecom is exploring options for its indirect stake in billionaire T. Ananda Krishnan's Maxis, the second-largest Malaysian wireless carrier by market value, people with knowledge of the matter said.

The Gulf kingdom's biggest telco is gauging interest in its 25 per cent stake in Binariang GSM, which is the controlling shareholder of Maxis.

The company may consider selling the holding to a Malaysian pension fund or another financial investor, two of the people said, asking not to be identified because the information is private.

The Binariang holding gives Saudi Telecom an effective 16.2 per cent interest in Maxis, valued at about US$1.8 billion (S$2.45 billion).

BLOOMBERG