TOA Paint (Thailand) Public Company Limited (SET:TOA) agreed to acquire Gypman Tech Co., Ltd from Toa Group Holding Company Limited for THB 800 million on October 20, 2021. For the period ended December 31, 2022, Gypman reported revenues of THB 865.27 million, Net income of THB 129.68 million, Total assets of THB 704.36 million, and Total common equity of THB 587.78 million. The transaction is subject to TOA paint shareholder approval, entry into share purchase agreement and other customary conditions.

The TOA paint board has approved the transaction. As of December 16, 2021, The shareholders of TOA paint has approved the transaction. The transaction is expected to be completed in the first quarter of 2022.

Beyond Advisor Co., Ltd provided the fairness opinion to TOA Paint.