Jaymart to make tender offer to take over Singer Thailand next year

Photo: Jaymart's Facebook page

Jaymart Pcl (JMART) plans to make a tender offer to acquire the remaining 75 per cent stake in SET-listed Singer Thailand Pcl next year to strengthen its management control and expand the customer base of SG Capital, a subsidiary of Singer Thailand.

It has set aside over 1 billion baht ($30.7 million) to fund the acquisition and has hired Asia Plus Securities to figure out the process before applying for the tender offer, according to a Bangkok Post report.

JMART acquired a 24.99 per cent stake in Singer Thailand Pcl in 2015. As part of the same deal, a group of investors including Lombard Investments and Thai NVDR also acquired 15 per cent from Singer (Thailand) B.V.

Once the latest transaction is completed, it will merge 200 distribution outlets of Singer with 250 outlets of Jaymart. Besides, it plans to get SG Capital and J Fintech, a personal loan service provider of JAMRT, listed on the Thai bourse by 2019.

JMART plans to expand SG Capital’s services from lending to Singer’s customers to mortgages and pawnshop services, Jaymart chief executive Adisak Sukhumvitaya told the media. Meanwhile, J Fintech is expected to get the license to provide nano loan services, starting from 1,000 baht ($30.7) per week, in 2018.

JMART has set up a new subsidiary, J Ventures, to develop the applications, acquire IT firms and invest in startups, focusing on big data, artificial intelligence, e-wallet, blockchain and credit scoring.

So far, it has spent around 50 million baht ($1.53 million) on developing the J-Money application and acquiring 10 per cent stakes in Thai e-wallet developer Deep Pocket.

Also read:

Thai cellphone retailer JMART in talk to acquire another retailer this year

Thai e-wallet service T2P closes $3m Series A led by J-Venture for Myanmar push

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.