Thailand-based retail property developer Central Pattana plans to acquire listed real estate developer Grand Canal Land (GLAND) for 20.14 billion baht ($616.6 million).

Central Pattana said that the deal would boost its cash flows while allowing it to leverage GLAND’s expertise to support its investments.

The company has, through its subsidiary CPN Pattaya, completed the purchase of 50.43 percent of GLAND shares at the price of $0.1 apiece, totalling $311.3 million.

Central Pattaya would be required to make a tender offer for the remaining 49.57 percent at the same price. GLAND reported total revenue of $85.8 million and a net profit of $32.5 million in 2017.