Apr. 30--Even with 2 billion baht in cash in hand, Sansiri Plc (SIRI) has received shareholders' approval to issue debentures of up to three billion baht for future investment, president Srettha Thavisin said yesterday.

The management obtained similar approval in 2008 but halted the plan due to unfavourable sentiment in the financial markets.

"If a good opportunity like potential plots of land comes to us, issuing debentures will increase our ability to grab it," he said. "It may be new plots for condominium development as we have no plots remaining for new condominiums."

After launching three new condominium projects in the first quarter of the year, the company currently has no plan for new condominiums.

It now plans to launch only low-rise projects including single houses at three sites -- on Pracha Chuen Road, the Bang Na-Onnuj area and Rama II Road -- and townhouses in the Rarm Intra area.

The company is monitoring conditions and will evaluate the overall economy and political situation before issuing debt. Tris Rating on April 16 assigned a preliminary rating of BBB- for an issue not exceeding 1.5 billion baht.

Sansiri chief executive Apichart Chutrakul said that debenture issues represented a longer-term debt financing option that enhanced the company's flexibility as its current projects needed both short- and long-term finance.

The company will also issue warrants to be sold under a private placement programme to existing shareholders at the ratio of one warrant for each two shares held.

Though the property market is forecast to slow by 10 percent this year and the overall economy is unlikely to recover anytime soon, Sansiri is maintaining its 13 percent revenue growth target by the end of the year, Mr Srettha said.

"We expect to have higher sales than last year and hope to see higher growth than the market leader (Land & Houses) this year," he said.

Sansiri also announced that it would pay a dividend on its 2008 results of 30 satang a share on May 28.

Sansiri expects to realise revenue of 17 billion baht this year, compared with 15 billion in 2008. To date, it has secured 80 percent of the target revenue, or around 13 billion baht.

SIRI shares closed yesterday on the SET at 2.02 baht, up eight satang, in total trade of 12.26 million baht.

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