General Engineering Public Company Limited (SET:GEL) entered into business transfer agreement to acquire 51% stake Inno Precast Company Limited from Pruksa Holding Public Company Limited (SET:PSH) for approximately THB 470 million on January 16, 2023. General Engineering will issue and allocate its newly issued ordinary shares in the amount not exceeding 1,572,729,730 shares. After the execution of the transaction, GEL will hold shares in the proportion of 51% percent of Inno Precast and remaining 49% by Pruksa. Pruksa will hold the shareholding of 18.26% in GEL. GEL has the option to purchase ordinary shares of Inno Precast at the proportion of 49% from Pruksa within the period of 5 years from the date of the completion of the transaction pursuant to the terms and conditions of the SSA. The shareholders meeting of GEL has resolved to approve the capital increase of GEL and other matters relevant to the transaction; GEL has obtained all regulatory approvals from all relevant government authorities, including but not limited to the Securities and Exchange Commission, Trade Competition Commission of Thailand, etc., both parties receive satisfactory results from the due diligence investigation outcome; and Other customary condition precedents for the transaction of this nature. On January 13, 2023, the Board of Directors of GEL and Pruksa passed a resolution for the transaction. As of April 27, 2023, the transaction is unanimously approved by the shareholders of General Engineering. General Engineering anticipates that the transaction will be completed in May 2023.

General Engineering Public Company Limited (SET:GEL) completed the acquisition of 51% stake Inno Precast Company Limited from Pruksa Holding Public Company Limited (SET:PSH) on May 26, 2023.