Pace plans to list Dean & DeLuca in US stock market – The Nation

Pace plans to list Dean & DeLuca in US stock market – The Nation

CEO Sorapoj Techakraisri said yesterday that the company expects the contribution from its new diversified food retail business to be equal to or even exceed its real estate business by 2018.

Revenue from Dean & DeLuca will rise to US$103 million (Bt3.3 billion) this year from more than $90 million last year.

Pace acquired the food business from its founders in the US in November for $140 million. Pace has been listed on Thailand’s stock exchange since July 2013.

Sorapoj said that while the company tries to maintain its property revenue at about Bt10 billion a year, the revenue from its new food retail business will be much more sustainable.

Pace has many property projects in its portfolio, including Maha Nakhon, a luxury mixed-use skyscraper on Narathiwat Ratchanakharin Road; MahaSamutr, Hua Hin’s first private country club and exclusive luxury villa facility; and Nimit Langsuan, a luxury condominium on Langsuan Road.

The company’s backlog runs about Bt14 billion. It will invest in one or two projects per year, focusing on Bangkok and major cities. Each project will average about Bt5 billion in investment.

About Bt6 billion-Bt7 billion will be allocated to developing the Dean & DeLuca operation over three to five years.

Pace plans to expand Dean & DeLuca in the US and Thailand with its own funds and in other markets through local licensees, but is considering making its own investment for some selective sizeable markets such as China, India and Brazil.

It aims for 300-500 Dean & DeLucas worldwide in three to five years, up from about 40 today.

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Pace plans to list Dean & DeLuca in US stock market – The Nation

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