Istithmar and Kuwait's IFA acquire major Raimon Land stakes

Published January 4th, 2007 - 08:46 GMT

Dubai investment firm Istithmar and Kuwait-based IFA Hotels and Resorts revealed recently that they had acquired significant stakes in listed Thai real estate company Raimon Land.


The two companies will get three seats each on the 11-member Raimon board of directors according to Gulf News.


Both Istithmar and IFA, which is the largest investor on Dubai's Palm Jumeirah Island, reportedly paid one billion baht (about Dh102 million) for 24.9 per cent shares of Raimon.


"The whole of East [Asia] is a growth point for us. Acquiring a major stake in a listed company that focuses on property projects is a good entry into the market," said Werner Burger, president and chief operating officer of IFA Hotels and Resorts.


"We are interested through Raimon Land and ourselves in developing properties in Thailand and the Far East," he added.


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