Sri Trang Gloves Thailand Public : The Establishment of New Subsidiary in Philippines
August 04, 2022 at 08:48 am EDT
Share
No. STGT.CS 014/2022
4 August 2022
Subject:
The Establishment of New Subsidiary in Philippines
Attention:
President
Stock Exchange of Thailand / Singapore Exchange
Sri Trang Gloves (Thailand) Public Company Limited (the "Company") would like to inform you that the Company has established a new subsidiary in Philippines for supporting the business expansion of the Company. The details are as follows:
Company Name
:
SRI TRANG GLOVES PHILIPPINES INC. ("STGP")
Objectives of establishment
:
Distribution of gloves
Registered Capital and Paid-up
: Registered Capital of PhP 104,662,400 and Paid-up Capital of
Capital
PhP 10,470,100, divided into 104,701 common shares, with a par
value of PhP 100 each.
Shareholding Structure
:
The Company holds 99.99% shares.
Source of Fund
:
Cash from operation of the Company
Board of Directors' Structure
: 4 directors, namely (1) Mr. Veerasith Sinchareonkul (2) Mr. Kitichai
Sincharoenkul (3) Ms. Thanawan Sa-Ngiamsak (4) Mr. Chia Chee
Ping
In this regard, the establishment of a new subsidiary in Philippines is not classified as a connected transaction but it is classified as an asset acquisition transaction which its calculation value does not cause the Company to fall within the disclosure requirement under the Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets, and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets B.E. (2004) (including any amendment thereto). However, this transaction is also classified as an acquisition of investment in other company which causes other company to become a subsidiary of the listed company.
Please be informed accordingly.
Yours faithfully,
(Miss Thanawan Sa-ngiamsak)
Director and Chief Financial Officer
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Sri Trang Gloves (Thailand) pcl published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 12:47:05 UTC.
Sri Trang Gloves (Thailand) Public Company Limited is a Thailand-based glove manufacturer and fully integrated rubber company. The Company offers a range of natural latex and nitrile examination gloves, as well as general-purpose disposable gloves, both powdered and powder-free, catering to a variety of applications, including healthcare and medical, food processing, food handling, manufacturing and operations. The Companyâs products include Latex Powdered Examination Gloves, Latex Powder-Free Examination Gloves, Nitrile Powder-Free Examination Gloves and Gamma Ray Sterile Examination Gloves. The Company, through its subsidiary, Sri Trang Responsible Gloves Supply Inc., distributes rubber gloves. Its other subsidiaries include Premier System Engineering Co., Ltd. (PSE), Sadao P.S. Rubber Co., Ltd. (PS), Shidong Shanghai Medical Equipment Co., Ltd.(SDME) and other.
SRI TRANG GLOVES (THAILAND) 
