BANGKOK: Thai real estate firm CP Land said on Monday, June 14, that it expected to list on the Thai stock exchange in December and aimed for growth in both profit and revenue of at least 15% a year in 2011-2013.

CP Land is part of unlisted Charoen Pokphand Group, Thailand's largest agribusiness group, which also owns listed Charoen Pokphand Foods. 

"The proceeds of the IPO will be mainly used for business expansion," Executive Vice President Somkiat Ruentongdee told reporters. "We aim for annual profit and revenue growth of at least 15 percent over the next few years."

The company, which operates office buildings, shopping centres and industrial estates, expected revenue of about 2 billion baht (RM201.7 million) this year, helped by three new projects worth a combined 2.4 billion baht.

Asia Plus Securities is its financial adviser for the listing.

The company, which has about 15 billion baht in total assets, currently has land for development of about 4,000 rais (650 hectares, 1,600 acres), mainly in Rayong province. -- Reuters

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