V Management Services Co., Ltd. agreed to acquire 99.99% stake in V Brilliant Group Holding Company Limited from Principal Capital Public Company Limited (SET:PRINC) for THB 5.9 billion on February 28, 2024. V Management shall pay THB 3.9 billion in cash for common stock and preferred stock along with assumption of THB 2.02 billion of debt owed by Principal Capital Public Company to V Brilliant Group. The V Brilliant Group reported total assets of THB 6.7 billion, total equity of THB 6.4 billion, revenues of THB 120.1 million and EBIT of THB 63.7 million for December 31, 2023.

The transaction is subject to approval of shareholders and directors of Principal Capital. The transaction is expected to complete within July 2024. Jay Capital Advisory Limited acted as financial and fairness opinion provider to Principal Capital Public Company Limited.