LONDON (ShareCast) - (ShareCast News) - Walcom Group announced on Thursday that it has reached agreement, via its subsidiary Walcom Thailand, for the purchase of a two-thirds stake in a 15,295 square metre freehold site in the Sakorn Province in Thailand, located 32km from Bangkok.
The AIM-traded firm said total consideration for the site is THB 23.9m (£0.52m), of which the company's two-thirds stake is THB 15.9m, which will be funded entirely from Walcom Thailand's existing cash resources.

"The company has witnessed a steady growth in demand for its products in the Association of Southeast Asian Nations Economic Community over the last few years," Walcom said in a statement.

"Specifically, the board has witnessed expanding sales into Thailand, Cambodia and Vietnam during the current financial year and is hopeful that this trend will continue.

"With this in mind, and while the cost of land in Thailand is relatively low, the board has taken the opportunity to acquire this site to develop a feed additive manufacturing plant in Thailand, which is a member of the AEC, for supplying the AEC market," it explained.

Completion of the acquisition from a third party vendor is expected to occur within the next four months.

The remainder of the interest in the Sakorn site has been acquired by Mr Paitoon Buddhinunta-Opas, the general manager of Walcom Thailand, its board confirmed.

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