Thai movie retailer DNA sells entire stake in Prime Time Entertainment

Homepage of PrimeTime Entertainment.

Thailand’s listed entertainment retailer DNA 2002 (DNA) announced that it will be divesting its entire 75 per cent stake in the local digital media firm PrimeTime Entertainment Co Ltd (PTE) to Thai individual investor Varinthorn Terdwattanakarnkij for 20 million baht ($571,000).

PTE is a provider of video on demand services and TV online service in Thailand.

According to the statement, the disposal of PTE stake will enable DNA to reduce the risk of business that requires high investment, although the return on investment is not as good as was expected.

“Since PTE’s performance has not met our expectation. We need to reduce the risk of making loss to improve our financial performance,” said Sittichai Gasornsombat, director of DNA 2000.

PTE reported total revenue of 7.92 million baht and the net loss of 190.3 million baht in 2015. It had total assets of 123.86 million baht and total liabilities of 218.28 million baht at the end of last year.

The proceeds from the sales will be used as the company’s working capital, he added.

At the same time, DNA will purchase 510 ordinary shares of Laos-based IT Solution firm AEK Sole Co Ltd, which represents 51 per cent of total shares, for around 4.4 million baht.

This new investment will help increase its revenue channels and diversify risk from the core business. Additionally, the company said that it is looking to expand into a new market with high potential for economic growth. This would enable the company to generate higher income and promote sustainability of the group.

It will use the working capital for this investment, he added.

Also read:

Thailand: DNA acquires Primetime

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

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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.