Lai's Thai joint venture seeks listing

A FORMER director of Hongkong and Shanghai Hotels, Eric Lai Kwong-fai, plans a Bangkok listing for his Thai property joint venture next year.

The venture SV City, which was formed in 1991, is 60 per cent owned by the Thai industrial conglomerate Sahaviriya Group and 40 per cent by Mr Lai's property flagship New Way Holdings.

Sahaviriya is one of the biggest Thai industrial conglomerates with an estimated annual turnover of more than US$3 billion while New Way was formed by Mr Lai and several former executives from Hongkong Hotels.

Mr Lai, who is also president of SV City, said that after stepping up efforts in Thailand's real estate market, the company owned five huge real estate developments along the Chao Phraya River in Bangkok.

SV City plans to raise up to 50 billion baht (about HK$15.6 billion) for further expansion in Bangkok through the flotation.

'The plan will be pushed through in mid-1995,' Mr Lai said, adding that details had yet to be finalised but about 20 per cent of the proposed new shares would be offered for foreign investors.