Padaeng Industry Public Company Limited (SET:PDI) agreed to acquire 51% in Waterfront Hotel Company Limited and 51% in Urban Resort Hotel Company Limited from Landmark Holdings Company Limited for THB 2.8 billion on December 3, 2020. As per the terms of the transaction, Padaeng Industry acquired 99.5 million shares of Waterfront Hotel and 181.1 million shares of Urban Resort Hotel at THB 10 in cash. The consideration will be funded from cash and cash equivalents reserved for investment by Padaeng. Landmark Holdings Company Limited grants the right to purchase the remaining 49% of Waterfront Hotel and Urban Resort within a period of 12 months. The transaction has been approved by Bord of Directors of Padaeng and Country Group Development Public Company Limited (SET : CGD) parent of Landmark Holdings and is subject to approval from shareholders of Padaeng and Country Group. Country Group intends to use net proceed from divestiture to repay the existing debt. S 14 Advisory Company Limited acted as financial advisor for Landmark Holdings and Finnex Advisory Company Limited acted as financial advisor for Padaeng. Padaeng Industry Public Company Limited (SET:PDI) completed the acquisition of 51% in Waterfront Hotel Company Limited and 51% in Urban Resort Hotel Company Limited from Landmark Holdings Company Limited on November 11, 2021.