Thai Plaspac Public Company Limited (SET:TPAC) agreed to acquire 80% stake in Combi-Pack Sdn. Bhd., from Chow Chee Yut, Clara Chang Lai Ping, and Linda Leong Wai Fong for approximately THB 1.2 billion on April 12, 2021. Pursuant to the terms of the transaction, Thai Plaspac Public Company Limited shall pay THB 1.1 billion to Chow Chee Yut, Clara Chang Lai Ping, and Linda Leong Wai Fong upon completion, being 92.5% of the initial purchase price and the remaining 6% and 1.5% of the initial purchase price will be paid on the date falling 12 months from the completion date (the “First Deferred Payment Date”) and the date falling 12 months from the First Deferred Payment Date (the “Second Deferred Payment Date”), respectively. As per the price adjustment, Thai Plaspac Public Company Limited may be required to make an additional payment or receive a part of the consideration afterwards. Thai Plaspac Public Company Limited and Chow Chee Yut agreed upon options for purchase and sale of additional shares in the future. To finance the transaction, Thai Plaspac Public Company Limited may, subject to the draft term sheet and any ongoing discussions with a financial institution in Thailand, obtain a loan of up to THB 1.15 million from such financial institution. As a result of the transaction, Chow Chee Yut will sell 0.8 million shares representing 40% stake, Clara Chang Lai Ping will sell 0.2 million shares representing 10% stake, whereas Linda Leong Wai Fong will sell 0.6 million shares representing 30% stake in Combi-Pack Sdn. Bhd. Post-completion, Clara Chang Lai Ping will retain the remaining 0.4 million shares representing around 20% stake in Combi-Pack Sdn. Bhd. For the year 2020, Combi-Pack Sdn. Bhd., had total assets of THB 942.33 million, total shareholders’ equity THB 548.64 million, revenues of THB 845.94 million, EBIT of THB 125.78 million and net profit of THB 109.90 million. The board of Combi-Pack Sdn. Bhd., shall comprise up to six directors of which up to four directors shall be appointed by Thai Plaspac Public Company Limited and two directors shall be appointed by Chow Chee Yut. Post-completion, Chow Chee Yut and Clara Chang Lai Ping will remain directors whereas Linda Leong Wai Fong will not continue as director of Combi-Pack Sdn. Bhd. The chairman of the board shall be a director appointed by Thai Plaspac Public Company Limited. The transaction is subject to approvals from Thai Plaspac Public Company Limited shareholders, in an extraordinary general meeting to be held on May 28, 2021, the completion and satisfaction of the due diligence exercise carried by Thai Plaspac Public Company Limited and approval from the relevant third parties. The transaction was resolved upon by the Board of Thai Plaspac Public Company Limited, on April 10, 2021. Completion of the transaction is expected to take place on or around May 31, 2021 after all the conditions precedent are fulfilled, deemed to be fulfilled, or otherwise waived. Asia Plus Advisory Company Ltd., is acting as independent financial advisor to Thai Plaspac Public Company Limited. Thai Plaspac Public Company Limited (SET:TPAC) completed the acquisition of Combi-Pack Sdn. Bhd., from Chow Chee Yut, Clara Chang Lai Ping, and Linda Leong Wai Fong on June 1, 2021.