Max Metal Corporation Public Company Limited (SET:MAX) signed a memorandum of understanding to acquire Ariya Estate Company Limited from Sarandapat Mora, Duongyiwha and Kanokthip Suklarp for approximately THB 200 million on February 3, 2020. Under the terms of transaction, Max Metal Corporation Public Company Limited will purchase 0.01 million shares of Ariya Estate Company Limited at THB 20000 per share. Under the terms of the MOU, Max Metal has placed a security deposit to guarantee the entering into the agreement to purchase ordinary shares of Ariya Estate Company Limited in the amount of THB 4 million on March 12, 2020. Such security deposits shall be refundable (Refundable Deposit) in the event that the MOU is terminated and the sale and purchase of ordinary shares in Ariya is not occurred due to the due diligence result is not satisfied, the MOU is terminated, or the execution of the share purchase agreement is not completed within 15 working days from the date on which Max Metals submits the notification of its intention to retrieve the Security Deposits from Sarandapat Mora, Duongyiwha and Kanokthip Suklarp. Max metal will dispose certain shares in the subsidiary and expects to raise THB 590 million to fund the transaction. Ariya Estate Company Limited reported a revenue of THB 9.19 million in the year 2019. The transaction is subject to due diligence consummation and shareholder approval of Max metals. On May 7, 2020, board of Max Metal Corporation Public Company Limited approved and proposed to the shareholders to approve the transaction. As of January 20, 2021 Max Metal Corporation Public Company Limited shareholders approved the deal. It is expected that the signing in the share purchase agreements, the receipt of the share transfers from Sarandapat Mora, Duongyiwha and Kanokthip Suklarp and the payment will be complete within August 2020. Orion Advisory Co., Ltd. acted as financial advisor to Max Metal Corporation Public Company Limited in the deal.