ANAN buys 46.3% stake in ADC-JV23, resells to new investor for 625.86 million baht

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Summary · why it matters

Chanond Ruangkritya, Chief Executive Officer of Ananda Development Public Company Limited, or ANAN, informed the Stock Exchange of Thailand that on 9 September 2026 the company acquired preferred shares of ADC-JV23 Company Limited from the original co-investors, Everland Partners Limited and LTL Investment Management (Europe) Limited, totalling 4,449,545 shares, or 46.3% of all shares, for a total value of 18.32 million US dollars, or approximately 602.42 million baht, using the company's internal working capital to pay for the shares. Following the purchase, ADC-JV23 Company Limited became a subsidiary of ANAN. Then, on the same day, ANAN sold all 4,449,545 preferred shares it had acquired, or 46.3%, to Apex Inflation Limited, a new investor engaged in real estate investment, at a price of 19 million US dollars, or approximately 625.86 million baht, equivalent to 4.27 US dollars per share, with the buyer paying in cash. The sale of the shares to the new investor is intended to raise funds to replace the investment of the original co-investors without the need to borrow additional money from financial institutions, which helps reduce the impact on working capital used to develop projects. After the sale, ADC-JV23 Company Limited will change its status from a subsidiary to a joint venture, with ANAN and Apex Inflation Limited jointly represented on the board. The share purchase and sale do not constitute a connected transaction and do not fall under the criteria for significant transactions requiring reporting, but ANAN is required to disclose information to the Stock Exchange of Thailand because the transaction changes the status of ADC-JV23 Company Limited from a subsidiary to a joint venture.

Impact on assets 1

Real Estate▲

Off-coverage companies 4

ADC-JV23 Co., Ltd.i
Private± MixedCapitalrelevance

ADC-JV23's ownership changed hands and its status shifted from subsidiary to joint venture after ANAN's buy-and-resell of the 46.3% stake.

Apex Inflection Limitedi
Private± MixedCapitalrelevance

Apex Inflation Limited, a new real estate investor, bought the 46.3% ADC-JV23 stake for ~625.86M baht.

Everland Partners Limitedi
Private± MixedCapitalrelevance

Everland Partners sold its preferred shares in ADC-JV23 to ANAN as an original co-investor.

LTL Investment Management (Europe) Limitedi
Private± MixedCapitalrelevance

LTL Investment Management (Europe) sold its preferred shares in ADC-JV23 to ANAN as an original co-investor.