Panjawattana Plastic Public Company Limited entered into an agreement to acquire a 99.99% stake in Master Laundry Company Limited from Federal Holdings Company Limited for THB 63 million.

Panjawattana Plastic Public Company Limited (SET:PJW) entered into an agreement to acquire a 99.99% stake in Master Laundry Company Limited from Federal Holdings Company Limited for THB 63 million on January 13, 2022. Under the terms, Panjawattana Plastic Public Company will acquire 99.99% stake consists of 59,998 shares in Master Laundry Company Limited. Panjawattana Plastic Public Company Limited will enter in the share purchase agreement, accept transfer of share from Federal Holdings Company Limited and change directors and authorized director within January 19, 2022.

Currently, Federal Holdings Company Limited holds 59,998 shares, 99.99% stake whereas Nattawat Leenabanchong and Piyawadee Leenabanchong holds 1 share each, consists of 0.002% stake in Master Laundry Company Limited respectively After the acquisition, Panjawattana Plastic Public Company Limited will hold 59,998 shares, 99.99% stake and Nattawat Leenabanchong and Piyawadee Leenabanchong stake will remain unchanged. Before the transaction, Nattawat Leenabanchong is the Director of Master Laundry Company Limited and post acquisition, Satit Hemmontharop, Pirun Hemmontharop and Malee Hemmontharop will be the Director of Master Laundry Company Limited. Transaction will be financed through Panjawattana Plastic Public Company Limited's working capital.