One to One Contacts Public Company Limited executed the share sale and purchase agreement to acquire 10% stake in Hinsitsu Co., Ltd. for approximately THB 180 million.

One to One Contacts Public Company Limited (SET:OTO) executed the share sale and purchase agreement to acquire 10% stake in Hinsitsu (Thailand) Co., Ltd. from Simat Technologies Public Company Limited (SET:SIMAT) for approximately THB 180 million on September 30, 2021. Under the terms, One to One Contacts will acquire 0.1 million shares at THB 1750 per share. For year ended June 30, 2021, Hinsitsu had total assets worth THB 496.2 million and total shareholder's equity of THB 217 million.

Transaction is subject to approval from Board of Directors of Simat Technologies, consent from the governing body and any other government agency, OTO is satisfied with the result of its legal, accounting and technical due diligence in relation to Hinsitsu. Transaction is expected to be completed within October 31, 2021. Simat Technologies plans to use funds received from entering the Disposal of Investment in Subsidiary to increase liquidity and a working capital for its business operations.