Great Fortune Co., Ltd. and The Great Luck Equity Co., Ltd. completed the acquisition of 5.48% stake in Sunrise Equity Co., Ltd. from Sri Ayudhya Capital Public Company Ltd..
July 08, 2014 at 12:00 am EDT
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Great Fortune Co., Ltd. and The Great Luck Equity Co., Ltd. agreed to acquire a 5.48% stake in Sunrise Equity Co., Ltd. from Sri Ayudhya Capital Public Company Ltd. (SET:AYUD) for THB 1.9 billion on February 25, 2014. As per the terms of the deal, 54.6 million shares will be transferred for THB 34.7 per share and the deal value is to be paid by September 30, 2014. Sunrise had total assets of THB 11.3 billion, revenues of THB 1.2 billion and net profit of THB 1.1 billion for the year ending December 31, 2013. The deal is subject to approval of Board and shareholders of Sri Ayudhya Capital PCL. The deal was approved by a resolution passed by the Board of Directors of Sri Ayudhya Capital PCL. Sri Ayudhya Capital will hold annual general meeting of shareholders on April 22, 2014 to approve the transaction. The transaction is to close by September 30, 2014. Sri Ayudhya Capital PCL intends to use the proceeds from the disposal to invest in its core business and towards working capital. The transaction will result in increase in earnings per share of Sri Ayudhya Capital. As on April 22, 2014 the transaction has been approved by the shareholders of Sri Ayudhya Capital Public Company. Piyapa Chongsathien, Kongkiat Opaswongkarn and Lec Sicoravit of Asia Plus Advisory Co., Ltd. acted as financial advisor to Sri Ayudhya Capital and Price Waterhouse Coopers ABS Company Limited acted as the auditor in the transaction.
Great Fortune Co., Ltd. and The Great Luck Equity Co., Ltd. completed the acquisition of 5.48% stake in Sunrise Equity Co., Ltd. from Sri Ayudhya Capital Public Company Ltd. (SET:AYUD) on July 8, 2014. The agreement was signed on July 3, 2014. Great Luck Equity acquired 11 million shares and Great Fortune acquired 43.61 million shares of Sunrise Equity.
Allianz Ayudhya Capital Public Company Limited is a Thailand-based investment holding company that operates in the insurance sector. The Company and its subsidiaries operate through three principal business segments: Non-life insurance business, Investment business and Service business. Its non-life insurance products include motor, fire, marine and transportation, and miscellaneous, which includes property, liability, engineering, and personal protection. Its life insurance products include life insurance, accident insurance, insurance coverage for children, insurance for savings and tax breaks, insurance for life after retirement, and group coverage that is flexible depending on organization size and business sector. Its subsidiaries include Allianz Ayudhya General Insurance Public Company Limited, which is engaged in the non-life insurance business, and Allianz Ayudhya Assurance Public Company Limited, which is engaged in the life insurance sector.
Great Fortune Co., Ltd. and The Great Luck Equity Co., Ltd. completed the acquisition of 5.48% stake in Sunrise Equity Co., Ltd. from Sri Ayudhya Capital Public Company Ltd..