TQM Corporation Public Company Limited (SET:TQM) made an offer to acquire remaining 55.57% of stake in TQR Public Company Limited (SET:TQR) from a group of shareholders for approximately THB 650 million on March 8, 2022. The group of sellers includes Bangkok Insurance Public Company Limited (SET:BKI), Thai Reinsurance Public Company Limited (SET:THRE), Dhipaya Group Holdings Public Company Limited (SET:TIPH), The One Insurance Public Company Limited, Yupares Piriyaphan, Pornkasem Laudhittirut, Krist Suchare, Walainut Trivisvavet and others. The source of fund for the TQR share purchase transaction is from the TQM's working capital from operations. In a related transaction TQM is acquiring 44.35% of stake in TQR. The Board of Directors of TQM approved and proposed the transaction for the approval of TQR shareholders. TQM Corporation expected that the tender offer of TQR shares can be made within the second quarter of 2022 following the completion of TQR share purchase transaction. Silom Advisory Company Limited appointed as independent financial advisor by TQM to give an opinion on the connected transaction for shareholders' review and voting decision. Jay Capital Advisory Company Limited acted as an independent financial advisor to the shareholders of the TQR Public Company. Thailand Securities Depository Co., Ltd. acted as registrar for TQM Corporation. ONE Law Office Limited acted as legal advisor to TQM Alpha Public Company Limited.

TQM Corporation Public Company Limited (SET:TQM) cancelled the offer to acquire remaining 55.57% of stake in TQR Public Company Limited (SET:TQR) from a group of shareholders on June 15, 2022.