The upgrade reflects GOLD’s improving operating performance, driven by higher revenue from housing projects, a significant amount of cash received from the set-up of Golden Ventures Leasehold Real Estate Investment Trust (GVREIT), and stronger capital base after the company allocated 685.7 million newly-issued ordinary shares, at the price of Bt7.25 per share, to Frasers Property Holdings (Thailand) Co., Ltd. (FPHT), which is the connected person. As of March 2016, GOLD was held 39.28% by Univentures PLC (UV) and 35.62% by FPHT. The ultimate major shareholder of UV and FPHT is the Sirivadhanabhakdi family.