Property Perfect Public Company Limited was established on 14 August 1985 by the group of Maneeya Estate’s operators, with initial registered capital of Bt300,000. On 19 October 1993, the company was registered as a public company and on 1 June in the same year, it was listed on the Stock Exchange of Thailand in the Property Sector.
The Company witnessed severe impacts from the financial crisis and baht devaluation in 1997, leading to financial problems, business rehabilitation and debt restructuring. After completing rehabilitation and debt-restructuring conditions, the Central Bankruptcy Court approved the exit from rehabilitation in 2004. Loans were gradually repaid to creditors in the rehabilitation plan, until they were fully repaid in 2011.
The paid-up capital is 8,667,826,432, consisting 8,667,826,432 common shares at Bt1 par value.
- The Board of Directors at the 1/2019 meeting on 24 January 2019 approved the buyout of Perfect Prefab Co., Ltd.’s 1,200,000 shares from Center of Standard Precast Co., Ltd. The 20% stake boosted the Company’s equity in Perfect Prefab to 100%.
The Board of Directors at the 1/2019 meeting on 24 January 2019 approved the establishment of the following wholly-owned subsidiaries:
- PF Forestry Co., Ltd., capitalized at Bt15 million with 150,000 paid-up common shares at Bt100 par value.
- PFS 1 Co., Ltd., capitalized at Bt5 million with 50,000 paid-up common shares at Bt100 par value.
- PFS 2 Co., Ltd., capitalized at Bt5 million with 50,000 paid-up common shares at Bt100 parvalue.
- The Board of Directors at the 4/2019 meeting on 14 May 2019 resolved to establish another 3 subsidiaries – PF HKL4 Co.,Ltd. (PFHKL 4), PF HKL5 Co., Ltd. (PFHKL5), PF HKL6 Co.,Ltd. (PFHKL 6). Each is capitalized at Bt5 million, having paid-up 50,000 common shares at Bt100 par value. All the 100% shares of PF in PFHKL 4 was sold to HKL Perfect Co., Ltd. (HKLPF).
- The Board of Directors at the 4/2019 meeting on 14 May 2019 approved the partnership with Sumitomo Forestry Singapore Ltd. (Sumitomo) , a unit of Sumitomo Forestry Co., Ltd. PF holds a 51% stake in PF Forestry Co., Ltd. and Sumitomo holds the remaining 49%. PF Forestry later raised capital from Bt15 million to Bt500 million, consisting of 5 million shares at Bt100 par value. PF will then sell the 49% stake to Sumitomo at an amount of Bt245 million.
At the 1/2019 extraordinary shareholders’ meeting on 27 September 2019, where the following agenda was endorsed
- Approve the company’s registered capital decrease from Bt9,000,000,000 to Bt8,667,826,432 or 8,667,826,432 shares at Bt1 par value. Of total, 332,173,568 shares were unallocated, including 300,000,000 shares left over from a private placement. Shareholders at the 1/2016 meeting made no resolution on the allocation of the leftover shares.
- Approve the capital increase from Bt8,667,826,432 to Bt10,022,174,312, by issuing 1,354,347,880 common shares at Bt1 par value.
Approve the allocation of 1,354,347,880 new shares at Bt. 1 par value through the following methods;
- Sell no more than 1,083,478,304 shares shares at Bt. 1 par value in the right offering, offering existing shareholders at the ratio of 8 existing shares to 1 new share at the price of Bt1 apiece or at Bt1 par value.
- Empower the executive committee or authorized directors in allocating the shares left over from the right offering in 3.1 to existing shareholders who subscribe and pay for shares above their entitled rights at the price of Bt1.
- Reserve no more than 270,869,576 shares for the exercise of warrants sold to those existing shareholders who subscribe for the right offering. One warrant can be exercised for 1 common share at the exercise price of Bt1.50.
- Empower the Board of Directors and/or the Executive Committee and/or authorized directors and/or persons designated by the Board of Directors and the Executive Committee in changing details of the share allocation and take other necessary actions deemed appropriate in accordance with relevant laws and regulations.
- Kiroro Resort Holding Co., Ltd.’s Board of Directors at the 2/2019 meeting on 15 February 2019 endorsed the merger of Kiroro Associate Co., Ltd., Kiroro Hotel Co., Ltd, and Kiroro Resort Development Co., Ltd. for faster and greater operational efficiency.
- The Board of Directors of Grande Asset Hotels and Property Public Company Limited (“GRAND”) at the 1/2018 meeting on Wednesday 14 February 2018 resolved to fix the record date on 5 March 2018 for the subscription of 866,711,771 new shares at Bt1 par value. The rights offering was offered to existing shareholders at the ratio of 10 old shares per 3 new shares (incremental shares are nullified) at the price of Bt1 apiece. The subscription and payment date was on 5 April 2018 and 9-12 April 2018, totaling 5 working days.
- The Board of Directors at the 4/2018 meeting on 22 March 2018 approved Property Perfect Public Company Limited (“PF”)’s joint venture with Hongkong Land Company Limited (“HKL”). The joint venture namely HKL Perfect Company Limited engages in the investment and development of property for sale.
- The Board of Directors at the 5/2018 meeting on 10 May 2018 approved Property Perfect Public Company Limited (“PF”)’s joint venture with Sekisui Chemical Company Limited (“Sekisui”). The joint venture namely PF-Sekisui JV Company Limited engages in the investment, construction and development of property for sale.
- The Board of Directors at the 6/2018 meeting on 4 July 2018 approved Property Perfect Public Company Limited (“PF”)’s joint venture with its subsidiary, Grande Asset Hotels and Property Public Company Limited (“GRAND”), and Sumitomo Forestry Singapore Ltd. The joint venture namely Grand River Forest Company Limited engages in the investment and development of a property project on Charoennakorn Road for sale.
The Board of Directors at the 6/2018 meeting on 4 July 2018 approved the appointment of the Corporate Governance Committee and tasked it with the following duties and responsibilities:
- Propose the Board of Directors corporate governance guidelines.
- Recommend the Board of Directors on governance related issues.
- Ensure the Board of Directors and the Management’s compliance with best governance practices.
- Monitor and review organizational work processes in accordance with the prescribed guidelines.
- Monitor and take action if the Management and employees act against the corporate governance policy and the prescribed guidelines.
- Perform other assignments from the Board of Directors.
- The Company, Sumitomo Forestry Company Limited and Grande Asset Hotels and Property Public Company Limited set up a joint venture namely Grand Star Company Limited, to develop a high-end downtown condominium project.
Grande Asset Hotels and Property Public Company Limited (“GRAND”) convened the annual shareholder meeting on 24 April 2017 where the following agenda was endorsed.
- Reduced the registered capital from Bt2,889,040,000 to Bt2,889,039,237 consisting of 2,889,039,237 common shares at Bt1 par value.
- Raise the registered capital from Bt2,889,039,237 to Bt5,000,000,000 by issuing 2,110,960,763 new shares at Bt1 par value.
- Allocate 866,711,771 shares at Bt1 par value for a rights offering, offering existing shareholders 3 new shares for 10 existing shares at the price of Bt1 apiece.
- Allocate 1,244,248,992 new shares at Bt1 par value and shares left over from the rights offering for a private placement.
- The Company’s Board of Directors at the meeting on 11 May 2017 resolved to sell all 26,000,000 shares in Dara Harbour Company Limited or 65% of Dara Harbour’s equity to Central Pattana Public Company Limited.
- T Utilities Company Limited (TU), a subsidiary, called for the additional 50% payment of newly-issued shares worth totally Bt60 million. All the new shares were paid up, boosting the registered and paid-up capital to Bt75 million. The Board of Directors at the 4/2017 meeting on 4 August 2017 resolved to raise the Company’s stake in TU from 40% to 45%. As of 31 December 2017, TU is raising the registered capital from Bt75 million to Bt300 million to support investment projects.
- The Company converted the 1,205,000,000-yen loan to Kiroro Resort Holdings to 241,000 preferred shares with 5,000 yen par value in Share Group, raising property Perfect International’s stake in Kiroro Resort Holdings to 98.10%.
- The Company and SCI Electric Public Company Limited set up a 40:60 joint venture called T Utilities Company Limited (TU), to offer utility services. the joint venture’s registered capital and paid-up capital stood at Bt15,000,000. TU subsequently raised the registered capital by Bt60 million to Bt75 million, calling for the 25% payment of the newly-issued shares or Bt15 million. The paid-up capital was raised to Bt30 million.
- KRH’s board of directors approved the establishment of a wholly-owned subsidiary, Kiroro Resort Development Co Ltd, to develop property projects. The new venture is capitalized at 30 million yen.
- We Retail’s board of directors approved the 50% investment in a newly-established joint venture, All Discount Company Limited The retail-business venture is capitalized at Bt25 million, one fourth of its Bt100 million registered capital (1,000,000 shares at Bt100 par value).
- At the 1/2016 extraordinary meeting on 23 December 2016, shareholders approved the issuance of 1,300 million shares at Bt1 par value, to be offered in lots through private placements, as well as the issuance of debentures denominated in US dollar or other currencies worth no more than US$100 million.