DPAINT plans B368 million rights issue to invest in Phuket condominium project
DPAINT’s independent financial adviser has backed a B368 million rights issue to support investment in CPR, developer of The City Phuket condominium.
DPAINT plans to raise up to B368 million through a rights offering to support investment in The City Phuket condominium project, according to the company’s independent financial adviser (IFA) on 30 July 2026.
Silom Advisory Co., the IFA for Delta Paint Public Co (DPAINT), said the proposed investment in The City Phuket Residence Co (CPR), the project’s developer, and the rights offering were appropriate and could benefit the company and its shareholders over the long term.
The offering involves up to 1.84 billion new ordinary shares at B0.20 each, offered to existing shareholders at a ratio of one new share for every eight existing shares. The company expects to use about B359.43 million for its investment plan.
The City Phuket comprises three low-rise buildings — A, B and C — with 249 units. The IFA estimates the project’s internal rate of return at more than 30%.
The investment is intended to create a new growth curve for DPAINT and diversify its revenue beyond architectural paints and construction materials. The company said property development and sales could help balance its revenue structure and reduce earnings volatility.
DPAINT could also use its architectural paints, industrial paints and construction chemicals in the project, creating potential synergies that may increase sales, reduce construction costs and improve margins, according to the IFA.
If shareholders fully subscribe to the rights issue, DPAINT’s debt-to-equity ratio is expected to fall from about 1.05 times to about 0.55 times. The company said the stronger capital structure would reduce interest costs, improve liquidity and support future expansion.
DPAINT chief executive officer Ronarit Tangkaravakun said the investment was a major step in strengthening the company’s revenue structure. He said The City Phuket was in a location with potential, supported by the recovery of tourism, economic expansion in Phuket and housing demand from Thai and foreign buyers.
The investment comes as DPAINT faces intense competition in its paint manufacturing and distribution business, low market growth and consecutive net losses since 2024. Management has been accelerating its strategy to diversify risk and develop new revenue sources.
