Nattapong Seetavorarat entered into a share sale and purchase agreement to acquire a 12.31% stake in Simat Technologies Public Company Limited from Grand-Flo Berhad for approximately THB 130 million.
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.