Nattapong Seetavorarat entered into a share sale and purchase agreement to acquire a 12.31% stake in Simat Technologies Public Company Limited (SET:SIMAT) from Grand-Flo Berhad (KLSE:GRANFLO) for approximately THB 130 million on October 18, 2017. Under the terms, Nattapong Seetavorarat will acquire 48.9 million shares at THB 2.7 per share. The purchase price to be paid in installments shall not exceed four installments. Nattapong Seetavorarat agreed to pay a non-refundable deposit in the amount of 10% of the purchase price, equivalent to THB 13.2 million, as the first installment and Grand-Flo Berhad agreed to transfer 4.9 million shares. As per the installments, corresponding number of shares will be transferred. As of October 19, 2017, Grand-Flo Berhad holds 48.9 million shares, representing 12.31% stake in Simat Technologies Public Company Limited.

Within 90 days after the transfer of all shares, Grand-Flo Berhad shall procure the resignation of 3 Directors of Simat Technologies Public Company Limited namely Tan Bak Hong, Tan Chuan Hock and Tan Bak Leng, so that Nattapong Seetavorarat may nominate such number of Directors for consideration by the Board and shareholders of Simat Technologies Public Company Limited. The deal is not subject to the approval of the shareholders of Grand-Flo and/or other regulatory bodies and not conditional upon each other and any other corporate exercise undertaken or to be undertaken by the Grand-Flo Berhad. Grand-Flo Berhad shall utilize the sale proceeds as working capital and new business investment. The transaction is expected to close in three months from the date of the agreement and is not expected to have any effect on the net assets and gearing of Grand-Flo Berhad.