Charoong Thai Wire and Cable Public Company Limited (SET:CTW) agreed to acquire remaining 10% stake in Siam Fiber Optics Co., Ltd. from Italian-Thai Development Public Company Limited (SET:ITD) for THB 7.5 million on June 11, 2021. In a related transaction, Charoong Thai Wire and Cable Public Company Limited (SET:CTW) entered into an agreement to sell its Shanghai Asia Pacific Electric Co., Ltd. assets. For the year ended 2020, Siam Fiber Optics reported a revenue of THB 100.7 million, net loss of THB 3.8 million, total assets of THB 109.8 million and total common equity of THB 56 million.

Premchai Karnasuta will step down from Board of Directors of Siam Fiber Optics. Sun Tao-Heng, Sathit Tabpech, Tanasit Aungkasit and Kuei Chih-Chung will be the board of directors of Siam Fiber Optics upon completion. The Charoong Thai Wire and Cable Public Company Limited board of the directors approved the transaction.

The transaction is expected to complete by the end of June 2021.