Thailand’s top property developer Land & Houses Pcl announced that its financial arm LH Financial, is planning to sell 1.44 billon shares in an IPO next year.

The company said the proceeds will be used to strengthen its financial status, as well as finance its future business expansion.

It added that it has appointed Asia Plus Advisory as the financial adviser for the IPO.

LH Financial, which is 42.1 percent owned by Land & Houses, focuses on retail clients. It has 26 branches across the country and plans to increase it to 42 branches in 2011 to provide full commercial bank services by 2011.

As of September this year, LH Financial’s assets accounted for 59.5 billion baht (RM6.1 billion), with nearly 40 billion baht in loans.