Jay Mart Public : Revision and Disclosure of the JFIN Token Project White Paper (No. 3) and the Establishment of a New Subsidiary to Engage in Related Business
July 01, 2022 at 06:43 am EDT
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IR65/14
1 July 2022
Subject: Revision and Disclosure of the JFIN Token Project White Paper (No. 3) and the Establishment of a New Subsidiary to Engage in Related Business
To: President
The Stock Exchange of Thailand
Jaymart Public Company Limited (the "Company") would like to inform that in February 2018, J Ventures Company Limited ("JVC"), a subsidiary of the Company, had issued and offered a digital token under the name "JFIN Token" to the public for the first time (ICO). The objective at that time was to develop a peer-to-peer lending platform that validated transactions and stored data on the Blockchain system with JFIN Token as a fee (Gas Fee). In using the Blockchain system, the JFIN Token received from the users of the Blockchain system would be paid in return for the users who participated in the Transaction Validator under the concept of Proof-of-Stake (POS).
Subsequently, on May 25, 2022, the JVC Board of Directors Meeting No. 4/2022 passed a resolution approving the revision of the JFIN Token White Paper (No. 3), describing the development of a Proof-of-Stake Blockchain developed by JVC under the name "JFIN Chain." It has a Proof-of-Stake (POS) Consensus Protocol and supports smart contracts based on the Ethereum Virtual Machine standard, thereby allowing existing EVM-based applications to be deployed on JFIN Chain immediately. The Board also approved the allocation of a certain amount of JFIN Tokens to be used as block rewards and to support the development of DApps that will be deployed on JFIN Chain as well as the Group's marketing activities. In this regard, JVC has established a subsidiary to accept the transfer of ownership in JFIN Chain. The details and essential matters are as follows:
Name of the New Subsidiary:
JDN Company Limited ("JDN")
Nature of Business:
Software system development
Registered Capital:
5 million baht
Shareholding:
99.99% owned by JVC
Source of Fund:
JVC Working Capital
Expected Benefits:
The new subsidiary will help supervise and manage the JFIN
Chain, acting as a dedicated and centralized unit to supervise,
promote, and expand the capabilities and development of the
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JFIN Chain to support technology and business changes in the future.
Afterward, on June 29, 2022, the JVC Board of Directors Meeting No. 5/2022 resolved to approve the White Paper of the JFIN Token project (No. 3). Therefore, today (July 1, 2022), JVC have published details of JFIN Token project White Paper (No.3) on their website, www.jfincoin.io. So that JFIN Token holders can study the relevant information before JFIN Chain commences working on July 17, 2022.
In addition, entering into the above-mentioned transaction is not considered an asset acquisition transaction under the Notification of the Capital Market Advisory Board No. Tor Jor. 20/2551 regarding Rules for Entering into Substantial Transactions within the Definition of an Acquisition or Disposal of Assets dated 31 August 2008 (and its amendments), and the Notification of the Board of Governors of the Stock Exchange of Thailand regarding Disclosure and Compliance by Listed Companies relating to Acquisition or Disposal of Assets B.E. 2547 dated 29 October 2004 (and its amendments). Therefore, the Company has no obligation to act following the said announcement. Besides, such a transaction is not considered a connected transaction under the Notification of the Capital Market Advisory Board No. Tor Jor. 21/2551 regarding Rules on Connected Transactions dated 31 August 2008 (and its amendments), and the Notification of the Board of Governors of the Stock Exchange of Thailand regarding Disclosure and Compliance by Listed Companies relating to Connected Transactions B.E.2546 dated 19 November 2003 (and its amendments).
Please be informed accordingly.
Sincerely Yours
- Signed -
(Ms. Ladda Waruntharakul)
Company Secretary
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Jay Mart pcl published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 10:42:09 UTC.
Jaymart Group Holdings Public Company Limited, formerly Jay Mart Public Company Limited, is a Thailand-based technology investment holding company (T-IHC). The Company primarily invests in mobile retail and wholesale distribution businesses, debt collection and management, property development, personal loan business and potential businesses. Its businesses include Retails, Finance and Technology. It operates mobile phones, accessories, and gadgets in approximately 200 shops. It operates a coffee shop chain under the brand Casa Lapin. It is focused on retail finance for consumers. It also provides non-life insurance services. It provides hire purchase lending for home appliance and commercial appliance and car title loan business in Thailand. The Companyâs subsidiaries include JMT Network Services Public Company Limited, JAS Asset Public Company Limited, Jaymart Mobile Co., Ltd., J Ventures Co., Ltd., Beans and Brown Co., Ltd., J ELITE Co., Ltd., and Jay Dee Group Co., Ltd.
Jay Mart Public : Revision and Disclosure of the JFIN Token Project White Paper (No. 3) and the Establishment of a New Subsidiary to Engage in Related Business