Thailand Iron Works Public Company Limited (SET:TIW) entered into share purchase agreement to acquire 19.99% stake in Ubon Bio Ethanol Public Company Limited from a group of sellers for THB 552 million on June 11, 2018. The consideration shall be payable in cash of THB 300 million and Thailand Iron Works Public Company Limited's 0.56 million ordinary shares. Sureeyot Khowsurat and Capital K Limited will be paid in shares while the other shareholders will be paid in cash.

As of December 31, 2017, Ubon Bio Ethanol Public Company Limited had total assets of THB 7.4 billion and net income of THB 308.2 million. Transaction is subject to approval from shareholders of Thailand Iron Works Public Company Limited, legal due diligence of Ubon Bio Ethanol Public Company Limited and The Office of the Securities and Exchange Commission approves this private placement of ordinary shares for capital increase. The Board of Directors approved the transaction. Annual General Meeting of shareholders will be held on July 26, 2018. Shareholders of Thailand Iron Works Public Company Limited has approved the transaction on July 26, 2018. The acquisition is expected to be completed by August, 2018. KPMG Phoomchai Co., Ltd. acted as accountant for Ubon Bio Ethanol Public Company Limited. Capital Plus Advisory Co., Ltd acted as financial advisor to Thailand Iron Works Public Company Limited. JP tip Audit Co., Ltd acted as accountant and Kudun and Partners Limited acted as legal advisor to Thailand Iron Works.

Thailand Iron Works Public Company Limited (SET:TIW) cancelled the acquisition of 19.99% stake in Ubon Bio Ethanol Public Company Limited from a group of sellers on June 11, 2019.