Investor Relations

G Land

Message From Chairman

Dear Shareholders,

In 2018, Grand Canal Land Public Company Limited (the “Company" or “GLAND”) had changed the structure of the Company’s major shareholders to CPN Pattaya Company Limited ("CPN Pattaya"), a subsidiary under Central Pattana Public Company Limited ("CPN"), which has become the Company’s major shareholder with a shareholding proportion, after the tender offer, of 67.53% of the company’s total number of shares. However, the change in the shareholder structure will support the business of the Company, have strength and have potential for growth due to CPN being a leading company in the real estate development business, including shopping centers, residences, hotels, office buildings, as well as mixed-use projects. With CPN’s business structure being closely similar to the Company, the Company is confident that it will still be able to maintain business growth at the leading level.

For the year 2018, the Company’s main source of income came from rentals from the office building project in which the revenue from real estate sales in the second half of the year slowed down as the company realized that there was an oversupply of real estate projects for sale. Therefore, the Company delayed project developments in order to sell during that slow down period. Nonetheless, the land intended for the 3 real estate project developments (Don Mueang, Local Road and Phahon Yothin) are located in good locations that have potential. The locations are adjacent to the Red Line Train route, currently under construction, which may affect access between the three projects. Once the Red Line Train project is completed, the sales project of the company in these areas will benefit more.

In terms of progress of the Company's projects, due to changes in the shareholding structure and for business operations, flexibility and the ability to respond to consumers changes, the Company therefore reviews the development plans of various projects as follows: Super Tower Project and Convention Center, retail space for rent (Arcade) and hotel projects. The projects feasibility study and business models are still under review. For other projects, the Company’s strategic direction are still to be followed, focusing on creating a balance between performance, good corporate governance principles and having social responsibility in order to be a foundation for strengthening the company in the long run.

In addition to the implementation of business strategies, the Company also gives importance to social responsibility and the environment, as well as all stakeholders because the Company believes that business growth will be a sustainable growth. The Company and all stakeholders must grow together. In 2018, the Company had organized activities for the benefit of society and all stakeholders in various forms, such as the “GLAND Together, Save the Environment” project, which is a project that encourages executives and employees to join together in preserving natural resources and the environment, as well as creating benefits for the local community at Thung Prong Bay, Sattahip District, Chonburi Province, or the “Big Clean Day” project, in honor of King Rama X, by which the Company’s executives and employees join together to clean Klong Yai Sun, Huay Kwang District, Bangkok, to create a good atmosphere for local residence, etc.

On behalf of the Board of Directors, I would like to thank all shareholders and stakeholders for their trust and support for the Company's operations. The Board of Directors, executives, and all employees will strive and dedicate their physical strength and thinking power in developing the organization to achieve sustainable success in order to create wealth and stability for all shareholders and stakeholders. In addition, the Company is still committed to protecting the environment, society and the community in order to balance the growth of the Company’s business under the principles of good corporate governance and free from all types of corruption.

Mr. Sudhitham Chirathivat
Chairman of the Board of Directors