Central Pattana Chiangmai Co Ltd, a 99.99%-owned subsidiary of Central Pattana Plc (CPN), agreed to make a contract to purchase land and building worth Bt940 million located near the Chiangmai airport to operate the department store business. The building to be acquired has an area of about 40,000 square metres, and the land has an area of about 47 rais. CPN said that the purchasing price of the land was the price appraised by Richard Ellis (Thailand) Co Ltd, while the price of the building was appraised by the Land Department. However the appraised prices were higher than the actual purchasing price. Payment for the assets will be made within 1996, said CPN. CPN said that the transaction does not fall under the connected transaction. However the transaction falls under type two of the acquisition or sales of assets of listed companies. Transalted by the Nation