Thanulux Public Company Limited (SET:TNL) agreed to acquire 50% stake in Ratchada Alliance Co., Ltd. from U City Public Company Limited (SET:U) for THB 24.1 million on September 30, 2022. The transaction is subject to regulatory approval and shareholder's approval of U City Public Company. As of December 31, 2021, Ratchada Alliance reported total assets of THB 750 million, net loss of THB 40.2 million and negative total common equity of THB 61.8 million. The Company expects to complete the Transactions by December 2022. As of November 24, 2022. The target shareholders approved the transaction. Silom Advisory Co., Ltd. acted as financial advisor to U City Public Company Limited.

Thanulux Public Company Limited (SET:TNL) completed the acquisition of 50% stake in Ratchada Alliance Co., Ltd. from U City Public Company Limited (SET:U) for THB 24.1 million on December 31, 2022.