Message from the Chairman
Having assumed the position of Chairman of the Board of Directors of U City with the intention of reviving U City, change has begun. We’ve restructured the business, refined policies for investment and business operations and are divesting non-core assets. U City is no longer just a generic real estate development company, but a company ready and willing to invest in diverse real estate opportunities globally. Our overseas acquisitions have contributed to U City’s growth, as is clearly seen from the increase in total revenue compared to last year. Our local and international management teams are ready to invest in real estate and turn opportunities into value.
In January 2018, the Company held an Extraordinary Shareholders’ Meeting to seek shareholders' approval for a capital increase and to use proceeds from the capital increase to transfer the real estate businesses under Unicorn Enterprise Limited (UE). The assets acquired will generate income for the Company, especially revenues from sales of condominium projects along mass transit lines under our joint venture with Sansiri Public Company Limited.
The proceeds of the capital increase are sufficient to drive the business forward. We would like to thank the shareholders for their support and confidence in the new direction that U City is taking. Having completed the transfer of UE, the Board of Directors and executives are confident that in the future, the Company will return to profit and pay dividends to its shareholders.
All of these important milestones mark the rebirth of U City as a leader in investing and developing real estate globally with solid fundamentals, sustainability and high potential for growth in the future. Of paramount importance shall be the creation of value for shareholders. To that end, the Board of Directors’ focus is on good corporate governance and transparency. Every policy and investment shall be prudently reviewed for the benefit of the shareholders.
On behalf of the Board of Directors, I would like to express my appreciation to all stakeholders for their trust, hard work and dedication. I especially express my appreciation to all U City executives and employees in locally and overseas for their support and adaptability during a time of significant change. On the cusp of an increasingly buoyant future I am steadfastly confident and optimistic that U City will become bigger, stronger and better.
Mr. Keeree Kanjanapas
Chairman of the Board of Directors
U City Public Company Limited