Suparuek Na Songkhla, Inthidej Pala-in and Nittaya Na Songkhla completed the acquisition of 66% stake in Sut Global CO., Ltd. from Hydrotek Public Company Limited.
September 26, 2019
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Suparuek Na Songkhla, Inthidej Pala-in and Nittaya Na Songkhla agreed to acquire 66% stake in Sut Global CO., Ltd. from Hydrotek Public Company Limited (SET:HYDRO) for approximately THB 310 million on August 15, 2019. Under the terms, Suparuek Na Songkhla, Inthidej Pala-in and Nittaya Na Songkhla will acquire 0.13 million shares of Sut Global CO., Ltd. The consideration comprises of Hydrotek Public Company Limited’s convertible debentures of THB 265 million with an accrued interest as of June 30, 2019 of THB 7 million and THB 35 million in cash. Sut Global reported total assets of THB 135.6 million and net assets of THB 39.5 million as of December 31, 2018 and reported revenues of THB 9.4 million, net loss of THB 120.3 million and operating loss of THB 119.4 million, Negative EBITDA of THB 45.3 million for the year ended December 31, 2018.
The transaction is subject to Extraordinary General Meeting of Hydrotek Public Company Limited shareholders to consider approving the disposal of investment in SUT Global Co., Ltd; Sut Global CO., Ltd. must enter into a loan agreement with Hydrotek Public Company Limited; Suparuek Na Songkhla, Inthidej Pala-in and Nittaya Na Songkhla acting for SUTG, proceed with the cancellation of guarantee, committed by Hydrotek Public Company Limited, as loan amounted of THB 713 million by TMB Bank Public Company Limited, dated on October 9, 2019. The board of Hydrotek Public Company Limited approved the transaction. As of August 30, 2019, Grant Thornton Services Limited confirms that the transaction is fair and reasonable. On September 23, 2019, the transaction is approved by the shareholders of Hydrotek Public Company Limited. The transaction is expected to close by the third quarter of 2019. The use of proceeds received from the transaction will be used for working capital in existing businesses and the payment by convertible bonds shall lessen Hydrotek Public Company Limited debt burden. S 14 Advisory Company Limited acted as the financial advisor to Hydrotek Public Company Limited. Grant Thornton Services Limited is appointed as financial advisor by Hydrotek Public Company Limited.
Suparuek Na Songkhla, Inthidej Pala-in and Nittaya Na Songkhla completed the acquisition of 66% stake in Sut Global CO., Ltd. from Hydrotek Public Company Limited (SET:HYDRO) on September 27, 2019.
Hydrotek Public Company Limited is an environmental and waste management company. The business operations of the Company and its subsidiaries are the construction and management of water treatment and wastewater treatment systems, waste management systems and the selling of related supplies. The Companyâs segments include Construction, Services, Water operator of water treatment plant and wastewater recycle plant, and Other segments. The Company is involved in a range of initiatives to protect the environment in the area of water, seawater and wastewater management-its core business, hazardous waste management, solid waste management and air pollution control. The Company provides a range of services to clients, both in private and public sectors, throughout the country. Its products include water treatment plant, wastewater treatment plant, desalination plant and solid waste treatment plant. Its subsidiaries include Hydrotek Utilities Co., Ltd., Sahahydro Joint Venture and other.
Suparuek Na Songkhla, Inthidej Pala-in and Nittaya Na Songkhla completed the acquisition of 66% stake in Sut Global CO., Ltd. from Hydrotek Public Company Limited.
HYDROTEK 
