Thai property developer Prinsiri swaps share with KPN

Visual from Prinsiri website

Board of directors of Prinsiri, one of Thailand’s listed property developer, has approved the acquisition of majority stake in KPN Holding through a combination of share swaps and cash payment for 4.032 billion baht (around $120 million).

Prinsiri will propose it in an extraordinary shareholders’ meeting for approval on August 28, according to its report to the Stock Exchange of Thailand.

Before the share swap, KPN Holding will buy the entire stake in its subsidiary KPN Group Corporation, which runs the group’s property business. Then, Prinsiri will acquire 8 million ordinary shares in KPN Holding at 504 baht per share, worth 4.032 billion baht in total.

The transaction will be divided into two parts. Prinsiri will issue 960 million ordinary shares at par value of 1 baht apiece and offer at 2.1 baht for a share swap, totaling 2.016 billion, and it will pay the other half of the transaction in cash.

Prinsiri’s acquisition will include the transfer of all assets, debts, rights and obligations, and encumbrances available to KPN Holding.

Upon the completion of the acquisition, KPN Holding will hold 30.57 per cent stake in Prinsiri.

Prinsiri recorded total sales of 601 million baht and the net profit of 820,000 baht in the first quarter of this year. It projects the revenue will reach 2.6 billion baht this year.

Prinsiri’s current major shareholder is the Kovitchindachai family. In the coming shareholders’ meeting, it will ask for approving two representatives of KPN Holding, Krit Narongdej and Nuttawut Phowborom, to be the directors of the company and give them signing authority.

Also read:

KPN acquires 75% stake in Renewable Energy Corp from former majority shareholder

 

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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.