Sino-Thai Engineering and Construction Public Company Limited (SET:STEC) agreed to acquire STIT Co., Ltd. from STP&I Public Company Limited (SET:STPI), Atitaya Charnvirakul, Yanyong Nitisaroj, Kitti Junsangsri and Wittaya Daengthes for approximately THB 670 million on September 24, 2020. Under the term, Sino-Thai Engineering and Construction Public Company will acquire 13.5 million share of STIT at THB 49.962 per share. STP&I Public Company Limited will sell 13.499 million shares and 7 shares will be sold by four minority shareholders. The first THB 50 million will be paid on completion. The remaining amount of THB 624.49 million will be paid in three installment with the interest of THB 19 million. 40% of the installment will be paid on November 30, 2021, 30% by November 30, 2022 and 30% by November 30, 2023. The final payment will be adjusted according to the financial statement. Sino-Thai Engineering and Construction Public Company will pay the cash from its cash flow from operating activities. As of December 31, 2019, STIT reported total assets of THB 812.23 million, total common equity of THB 513.35 million, revenue of THB 734.79 million and net profit of THB 11.59 million.

The transaction is subject to dispose of land under title deed no. 146558, STPI to purchase all the shares of STIT 2011 Co., Ltd., to negotiate with the financial institution for maintaining the current financial facilities of STIT, within 30 days of completion of the transaction, the financial statement of STIT and STIT2011 must be adjusted. The transaction is subject to shareholders approval and extraordinary general meeting of STP&I Public Company Limited will take place on November 27, 2020. The transaction was approved by the Board of Directors of Sino-Thai Engineering and Construction Public Company. The transaction was approved the Board of Directors of STP&I Public Company Limited. The transaction does not need shareholder approval of Sino-Thai Engineering and Construction Public Company. As on November 27, 2020, the transaction was approved by the shareholders of STP&I Public Company Limited and Sino-Thai Engineering and Construction Public Company Limited. The transaction will be completed within December, 2020. S 14 Advisory Company Limited acted as the financial advisor for STP&I Public Company Limited. Country Group Advisory Company Limited acted as financial advisor and fairness opinion provider to Sino-Thai Engineering and Construction Public Company Limited.