Amarin to sell large tranche of shares to Vadhanabhakdi Company
AMARIN Printing and Publishing Plc (AMARIN) told the Stock Exchange of Thailand today that it is getting ready to sell 200 million shares at 1 baht par value to Vadhanabhakdi Co., Ltd at 4.25 baht a share with the total value of the transaction being 850 million baht, Thai News Agency said.
This would lead to the buyer acquiring 47.62% stake in the listed company with the new funds to be used to further invest in its digital TV business, pay for the license, repay loans and used as running capital such as to produce TV programs for instance.
Because of the current stiff competition in the digital television industry it is worthwhile for Amarin to get a strategic partner with deep pockets and experience in running business who also has extensive good business relations as this would not only help the company get the required funds but also increases confidence in its business, Thai News Agency added.
Vadhanabhakdi Co., Ltd is owned by Thapana and Panote Sirivadhanabhakdi, sons of Thai Beverage tycoon Charoen Sirivadhanabhakdi.
According to Wikipedia.com, Charoen is Thailand’s second richest entrepreneur, with an estimated net worth of US$13 billion. He is chairman of Thai Beverage as well as Fraser and Neave, Ltd (F&N). He owns the Pantip Plaza mall in Bangkok, Hotel Plaza Athénée in New York, hotels in Asia, US, and Australia, plus residential, commercial and retail buildings in Singapore and Thailand.