ThaiSri Insurance Public Company Limited agreed to acquire Nam Seng Insurance Public Company Limited from from the group of shareholders for approximately THB 3 billion.

ThaiSri Insurance Public Company Limited agreed to acquire Nam Seng Insurance Public Company Limited (SET:NSI) from the group of shareholders for approximately THB 3 billion on on October 28, 2022. Further more, ThaiSri Insurance Public Company Limited entered into share purchase agreement with N.S. Alliance Company Limited, Pok Khim Company Limited, Srirattana Jaroenchaiyapongs, Voravatch Jaroenchaiyapongs, Kanjana Chernrungroj, Wimon Charoenchaipong, Pairach Charoenchaipong, and Somboon Fusriboon for 75.2786% stake. ThaiSri Insurance Public will finance the acquisition from its internal sources.

Tender offer will commence from January 18, 2023 and will end on March 22, 2023. The deal is conditional on approval from Ministry of Commerce, Stock Exchange of Thailand, Office of Insurance Commission, signing of agreement, Nam Seng Insurance Public Company Limited board and shareholders approval. On December 9, 2022, ThaiSri Insurance Public shareholders approved the acquisition.

Office of Insurance Commission, and Ministry of Finance has approved the acquisition. The Quant Group acted as a financial advisor, and Baker & McKenzie Ltd. acted as a legal advisor to ThaiSri Insurance Public Company Limited. Pi Securities PCL acted as a financial advisor to Nam seng.