Pace Development Corporation Public Company Limited (“the Company”) has its main business in the high-end real estate development, lifestyle business, and gourmet food and beverage retail worldwide under the “DEAN & DELUCA” brand, where it became the owner of the stores in the U.S.A. and Thailand, and co-owner of the stores in Japan in a joint venture agreement. As of December 31st, 2018, the Company’s registered capital and paid up capital is THB 14,373 million. The Company has its head office situated at 53 Sivatel Tower, 16th Floor, Room No. 1606, Wireless Road, Lumpini Subdistrict, Pathumwan District, Bangkok 10330
The Company was founded on September 1st, 2003, under the name “Cinkara Company Limited” with fully paid capital of THB 2 million and on November 6th, 2003, Mr. Sorapoj Techakraisri purchased the shares and the Company increased its registered capital to fully paid THB 10 million in order to engage in the real estate development business sector.
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”), founded Pace Project Two Company Limited (“Pace Two”), founded Pace Project Three (“Pace Three”) to develop the mixed-use MahaNakhon project, and founded Pace Real Estate Company Limited (“PRE”) as a holding company to hold shares in Pace One, Pace Two and Pace Three.
The Company restructured the ownership portions within the group to prepare for listing in the Stock Exchange of Thailand (SET).
The Company completed the process of converting into a public company by increasing its capital increase to THB 600 million for public offering. The Company changed the name to Pace Development Corporation Public Company Limited (PACE).
The Company launched MahaSamutr project, 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 THB 2,054.3 million. 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 ownership proportions (direct and indirect) of 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. and Pace Food Retail Co., Ltd.
Acquired DEAN & DELUCA, the world’s iconic gourmet food and beverages brand valued USD 140 million.
Officially launched Nimit Langsuan project.
Purchased the rest of the shares of Pace One, Pace Two, Pace Three, and PRE from IBC Thailand and IDJ Holdings Co., Ltd.
Allocated ordinary shares for private placement totally 542.7 million shares as consideration to IBC Thailand Ltd. at the offering price of THB 3.39 per share.
Acquired ordinary shares and assignment of the rights to receive a repayment of the outstanding shareholder loan of Dean & 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 Rights offering in an amount of not exceeding 600 million shares.
Construction loan received from a Thailand’s Financial institution for a development of a project on Naradhiwas road with the total amount of THB 1,090 million.
Launched MahaSamutr Villa & Country Club Project under the theme of “The Sound of MahaSamutr”, including “MahaSamutr Villas”, the luxury freehold villas, and “MahaSamutr Country Club” surrounded by MahaSamutr Lagoon - Asia’s largest man-made lagoon.
Established a joint venture company “Dean & DeLuca Café Japan Co., Ltd.”
Founded Pace Management Co., Ltd., as subsidiary
Commenced the construction for a new super luxury development “Nimit Langsuan” on Langsuan Road.
Founded 2 new subsidiaries namely D&D Mount Limited and D&D Fourteen Limited
Received loans from Thailand’s Financial Institution for expanding DEAN & DELUCA with the total amount of THB 1,100 million.
Allocated newly-issued ordinary shares to a specific investor (Private placement), in the amount of 176.3 million shares at THB 3.00 per share to Bell Investments Limited and Asension Trading Limited in exchange for the land in Niseko Sub-district, Hokkaido Prefecture, Japan, instead of cash payment.
Allocated the newly-issued ordinary shares to international investors (Private placement) in the amount of 320 million shares at the offering price of THB 3.00 per share in the total amount of THB 960 million.
Grand opening “MahaNakhon” Project under the theme of “MahaNakhon Bangkok Rising: The Night Of Lights”, officially Thailand’s tallest building at 314 meters and 77 storeys.
Founded Dean & DeLuca Small Format Lq. LLC, a subsidiary of Dean & DeLuca Inc.
Founded Dean & DeLuca Airport Company Limited, as subsidiary
Received the total investment of THB 8,441.2 million from Apollo Asia Sprint Holding Company Limited, Goldman Sachs Investments Holdings (Asia) Limited, and Mercer Investments (Singapore) Pte. Ltd. by issuing ordinary shares of the Company’s two subsidiaries namely Pace Project One Company Limited (“Pace One”) and Pace Project Three Company Limited (“Pace Three”) totaling of THB 7,783.2 million in the form of equity, and received THB 658 million in the form of loan, in relation to the development and completion of the MahaNakhon project.
Allocated ordinary shares to existing shareholders (Rights offering) totally 7,516,056,394 shares and allocated warrant No. 1 and No. 2 of the Company, in the amount up to 1,503,211,278 units and 2,505,352,131 units respectively. Also allocated newly issued shares to specific investors (Private placement) in the amount up to 1,500,000,000 shares.
Allocated newly-issued ordinary shares to a specific investor (Private placement), namely The Siam Commercial Bank Public Company Limited in the amount of 400,000,000 shares at the offering price of THB 0.51 per share.
Approved the Company to Purchase shares in Pace One and Pace Three, in the proportion of 49.00 percent and 48.72 percent of the total shares of each of the companies, respectively from Apollo Asia Sprint Company Limited and Goldman Sachs Investments Holdings (Asia) Limited. The total amount of the purchase is, not exceeding, USD 320 million or, not exceeding, THB 10,000 million.
Disposed of the assets of the total value of THB 14,000 million to King Power Mahanakhon Company Limited which is not a connected person of the company. This comprises disposition of assets in Pace One and Pace Three in the amount of THB 12,800 million and business procurement compensation for seeking purchasers, negotiating with relevant parties including managing and implementing the completion of the disposal of asset in the amount of not exceeding THB 1,200 million.
Restructured the shareholding of a subsidiary whereby Dean & Deluca Asia (Thailand) Company Limited (“DDAT”), which is a subsidiary of the Company (indirectly held 100% by the Company, acquired the shares in Dean & DeLuca Airport Company Limited (“DDAP”) from other shareholders. This transaction resulted in DDAT to be a shareholder of DDAP with the proportion of 100%.
Dissolved and liquidated PACE Creative Agency Company Limited.
Founded 3 subsidiaries as follows :
- DEAN & DELUCA ASIA (SINGAPORE) PTE. LTD. in Singapore
- Dean & DeLuca Consumer China (HK) Co., Limited in Hong Kong Special Administrative Region of the People’s Republic of China
- Dean & DeLuca China (HK) Co., Limited in Hong Kong Special Administrative Region of the People’s Republic of China
Entered into the Framework Agreement on Franchise with Kinghill Overseas Holding Limited, which is a subsidiary of Charoen Pokphand Group with respect to DEAN & DELUCA Business in the People’s Republic of China. Executed the Master Franchise Agreement with NPPG (Thailand) Public Company Limited to grant an exclusive franchise right in Thailand.
Allocated newly-issued ordinary shares to a specific investor (Private placement), namely Asia Alpha Equity Fund 2 in the amount of 500,000,000 shares at the offering price of THB 0.58 per share.
Approved Dean & DeLuca Asia (Thailand) Company Limited (“DDAT”) to conduct the entire business transfer from Dean & DeLuca Airport Company Limited (“DDAP”).
Entered into the Agreement with Lagardère Travel Retail, a pioneering global leader in the travel retail industry including duty free shop and retail stores in airports, train stations and travel hub. The Agreement grants Lagardère the exclusive rights to act as the franchisee for opening and operational managing of DEAN & DELUCA stores in retail area in airports around the world with targeting the expansion of 150 stores in 5 years.
Resolved to sale 50% shares in Dean & DeLuca Café Japan Co., Ltd. (“DDCJ”) held by Dean & DeLuca International, LLC. (“DDInter”) which is an indirect subsidiary of the Company.
Allocated ordinary shares to existing shareholders (Rights offering) totally 8,025,793,914 newly-issued ordinary shares to the existing shareholders of the Company proportionate to their respective shareholding (Rights Offering) at the allocation ratio of 3 existing share per 2 newly-issued ordinary shares at the offering price of THB 0.25. And allocated warrant No.3 of the Company, in the amount up to 4,012,896,957 units.
Approved the establishment of a subsidiary, Dean & DeLuca International (Singapore) Pte Ltd. to facilitate the restructure and business expansion.
Received the Notice of Default from The Siam Commercial Bank Public Company Limited requested the Company and its subsidiaries to pay the outstanding debts in the event of default of the credit facility agreement having promissory note (P/N) which has a credit limit at Baht. 1,200,000,000 and the credit facility agreement having promissory note (P/N) which has a credit limit at Baht. 1,800,000,000 and USD 13,500,000 (equivalent to 448,650,000 Baht).
Disposed of 100% common shares (“Common Shares”) in YLP Co., Ltd. (“YLP”), a subsidiary of the Company, in the amount of 348,567,548 Baht to The Brooker Group Public Company Limited and MCL Property Co., Ltd.
Entered into the Debt Settlement Agreement with The Siam Commercial Bank Public Company (“SCB”). The Company has transferred the land plots located in Niseko Sub-district, Hokkaido Province, Japan to settle the obligations that the Company has with SCB in the amount not less than USD 15,200,000 or equivalent to THB 453,264,000.