Singha Estate Public Company Limited (SET:S) agreed to acquire a 30% stake in Angthong Power Company Limited from Whitefords United Pte. Ltd. for approximately THB 560 million.
March 07, 2021
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Singha Estate Public Company Limited (SET:S) agreed to acquire a 30% stake in Angthong Power Company Limited from Whitefords United Pte. Ltd. for approximately THB 560 million on March 8, 2021. As a part of transaction, Singha Estate Public Company Limited will acquire 0.45 million shares of Angthong Power Company Limited. Post transaction, Singha Estate Public Company Limited will hold 30% stake in Angthong Power Company Limited, representing 0.45 million shares, B.Grimm Power (Chonburi) 2 Co., Ltd. will hold 1.049999 million shares representing 70% stake and Preeyanart Sunthornwatha will hold 1 share. In a related transaction, Singha Estate Public Company Limited agreed to acquire Park Industry Company Limited from Boon Rawd Brewery Co., Ltd. for approximately THB 510 million. Angthong Power Company Limited reported total assets of THB 5.4 billion, total liabilities of THB 3.6 billion, total revenue of THB 1.9 billion, net profit of THB 85.3 million and total shareholders' equity of THB 1.9 billion for the year ended December 31, 2020. Angthong Power Company Limited board prior to the acquisition consists of 7 members namely, Chote Choosuwan, Kamjorn Leepraphankul, Kunlaphatha Pricha, Nopphadej Karnasuta, Pichai Kanchanarujiwut, Preeyanart Sunthornwatha and Siriwong Bowornbunruethai. Singha Estate Public Company Limited will appoint representatives with eligible attributes as directors per percent shareholding post acquisition, within quarter 3 of 2021.
Transaction is subject to approval from shareholders of Singha Estate Public Company Limited and consent or approval for share transfer or other matter from relevant parties. Singha Estate Public Company Limited shall receive not less than 3 out of 4 of the total votes from participating shareholders who are entitled to vote, excluding interested shareholders. Transaction has been approved by board of Singha Estate Public Company Limited. Share transfer is expected to complete in 2021. As on April 27, 2021, the transaction is approved by shareholders of Singha Estate Public Company Limited. The transaction is expected to complete within quarter 3 of 2021. Avantgarde Capital Company Limited acted as financial advisor to Singha Estate Public Company Limited.
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.
Singha Estate Public Company Limited (SET: S) agreed to acquire a 30% stake in Angthong Power Company Limited from Whitefords United Pte. Ltd. for approximately THB 560 million.