Santi Bhirombhakdi made an offer to acquire 11.67% stake in Singha Estate Public Company Limited (SET:S) from Thai NVDR Co., Ltd, Rasa Tower Co., Ltd., 8 individuals and others for THB 1 billion.
September 23, 2014 at 12:00 am EDT
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Santi Bhirombhakdi made an offer to acquire 11.67% stake in Singha Estate Public Company Limited (SET:S) from Thai NVDR Co., Ltd, Rasa Tower Co., Ltd., 8 individuals and others for THB 1 billion in cash on September 23, 2014. Other sellers include Kemchai Rasananda, Rapi Pinichchob, Acharaporn Siripraiwon, Yanyong Panwangklom, Pancha Sanadisai, Wirongrong Ratanawijai, Pat Klamchuen and Lamipago Srikuruwan. Under the offer, Santi Bhirombhakdi will acquire 549.99 million shares for THB 1.87 per share. The consideration will be funded from the credit line from Kasikorn Bank PublicCompany Limited with the amount of THB 1.1 billion.
The tender offer will be open for September 24, 2014 to October 29, 2014. The final payment will be made on November 3, 2014. The final day of withdraw period is October 21, 2014. Singha Property Management Company Limited holding 38.23% of total issued and paid-up shares or 1.8 billion shares and Singha Property Management (Singapore) Pte. Ltd. holding 18.75% of total issued and paid-up shares or 883.35 million shares has expressed their intentions not to sell all their shares in this offer. The offer is not subject to any conditions. Santi Bhirombhakdi does not intent to share in management of Singha Estate. As of October 14, 2014, the Board of Singha Estate Public Company Limited unanimously recommended the shareholders to reject the offer.
Baker and McKenzie Company Limited acted as legal advisor while Maybank Kim Eng Securities (Thailand) Public Company Limited acted as tender offer agent, preparer and financial advisor for Santi Bhirombhakdi. Advisory Plus Company Limited acted as financial advisor for Singha Estate Public Company Limited. RHB OSK Securities (Thailand) Public Company acted as tender offer agent in the transaction.
Singha Estate Public Company Limited is a Thailand-based property developer. The principal business operations of the Company and its subsidiaries are development and investment of real estate for rental and sale, in hospitality business and in related businesses in Thailand and overseas. Its segments include House and Condominium, Hospitality, Investment Property, and Others. Its commercial properties include shopping centers and office buildings for rent. Its development of residential business, both high rise and low-rise projects, is diverse in forms, namely single detached houses, townhomes, home offices and condominiums. The Companyâs hospitality business is operated by S Hotels and Resources Public Company Limited (SHR), the Companyâs subsidiary. Its properties include Singha Complex, Suntowers, SENTRE Pattanakarn, THE ESSE at SINGHA COMPLEX, and The Extro Phayathai-Rangnam, among others. Its subsidiaries include S Estate Commercials Inter Co., Ltd., S.IF. Co., Ltd., and others.
Santi Bhirombhakdi made an offer to acquire 11.67% stake in Singha Estate Public Company Limited (SET: S) from Thai NVDR Co., Ltd, Rasa Tower Co., Ltd., 8 individuals and others for THB 1 billion.