Pace Development Corporation Public Company Limited (“the Company”) has its main business in the high-end real estate development and gourmet food and beverages lifestyle retail worldwide under “DEAN & DELUCA” brand, and becomes the owner of the stores in the U.S., and in Thailand. As of December 31st, 2015, the Company’s registered capital and paid capital is 3,261.7 MB (Million Baht). The Company has its head office situated at 87/2 CRC Tower, All Seasons Place, 45th Floor, Wireless Road, Lumpini, Pathumwan, Bangkok
The Company was founded on September 1st, 2003, under the name “Cinkara Company Limited” with fully paid capital of 2 MB and on November 6th, 2003, Mr. Sorapoj Techakraisri and the Company increased its capital to fully paid 10 MB in order to do a business in real estate development. The Company started its main business of real estate development by launching Ficus Lane, a residential project situated on Sukhumvit 44/1 Road. Thereafter, Mr. Sorapoj Techakraisri founded related companies to develop other projects with the aim of becoming the leader in the luxury real estate business targeting high-end consumers. Mr. Sorapoj together with his group of companies has achieved important milestones as follows:
YearSignificant changes within the year
Founded Cinkara Company Limited.
Commenced development of “Ficus Lane”.
- Founded YLP Company Limited to develop a condominium under the name “Saladaeng Residences”.
- Founded Pace Project One Company Limited (“Pace One”) to develop the mixed-use MahaNakhon Development.
Industrial Buildings Corporation Company Limited (IBC Thailand) and IDJ Holding Company Limited became partners of MahaNakhon Development, and the Company restructured MahaNakhon’s development structure as follows:
- Increased the registered and fully paid capital of Pace One to be 200 MB to operate Bangkok Edition Hotel.
- Founded Pace Project Two Company Limited (“Pace Two”) to develop long-term leased residential real estate under the name “The Ritz-Carlton Residences, Bangkok”.
- Founded Pace Project Three (“Pace Three”) to operate the shopping centre with 3 components: Retail Cube, Retail Hill and Sky Observation Deck.
- Founded Pace Real Estate Company Limited (“PRE”) as a holding company to hold shares in Pace One, Pace Two and Pace Three in the proportion of 50% each respectively.
Officially launched Saladaeng Residences.
The Company opened the sales gallery and sample unit of The Ritz-Carlton Residences, Bangkok at MahaNakhon Development.
- The Company restructured ownership portions within the group to prepare for listing in the Stock Exchange of Thailand (SET). The Company increased fully paid-up registered capital to 1,454.3 MB to acquire shares 99.99% in YLP, 25% each in Pace One, Pace Two and Pace Three respectively and 50% in PRE.
- The Company completed the process of converting into a public company by issuing a capital increase of 600 MB for public offering. After the capital increase, the Company’s registered capital became 2,054.3 MB and the Company is renamed Pace Development Corporation Public Company Limited (PACE).
Construction of MahaNakhon Development progresses significantly following completion of piling and commencement of construction of core structure.
- The Company launched MahaSamutr, a Luxury mixed-use Development in Hua Hin with Thailand’s first private Country Club and Villas.
- The Company is listed in the Stock Exchange of Thailand (SET) with a registered capital of 2,054.3 MB fully paid-up. The Company bought shares and shareholder loans of the jointly controlled entities from IBC Thailand and IDJ Holdings Co., Ltd., resulting in PRE, Pace One, Pace Two and Pace Three becoming subsidiaries of the Company with the following ownership proportions (direct and indirect) approximately 68%.
- The Company commenced construction of MahaSamutr Development, Hua Hin.
- The Company bought land and successfully changed the proprietary right in MahaNakhon from leasehold to freehold.
- Founded Pace Country Club Co., Ltd.
- Founded Pace Food Retail Co., Ltd.
- Acquired DEAN & DELUCA, the world’s iconic gourmet food and beverages brand valued USD 140 million.
- Unofficially launched and almost sold of Nimit Langsuan project.
- Bought the rest of the shares of Pace One, Pace Two, and Pace Three from IBC Thailand and PRE, and from IBC Thailand and IDJ Holdings Co., Ltd., including the rights to transfer financial obligations (loan and accrued interest) at 92.76% of IBC’s entire loan and accrued interest, and the option agreement.
- Allocated ordinary shares for private placement totally 542,722,500 shares for IBC Thailand Ltd. and IDJ Holding Co., Ltd. at THB 3.39 per share.
- Acquired ordinary shares and assignment of the rights to receive a repayment of the outstanding shareholder loan of Dean and Deluca (Thailand) Company Limited (“D&D Thailand”) from Mr. Sorapoj Techakraisri with total consideration of THB 240 million by issuing 64,690,027 new ordinary shares at an offer price of THB 3.71 per share in order to repay to Mr. Sorapoj Techakraisri.
- Increased the capital by issuing newly ordinary shares by General Mandate to offer to the existing shareholders in proportion to their shareholding (Right Offering), in an amount of not exceeding 600,000,000 shares with the par value of Baht 1 per share.