Thai online-to-offline service provider VGI Global Media continues its deal spree.
VGI Global Media has acquired a 25.01 per cent stake in Ads Chao Phraya, which offers advertising media service on boats and piers, for 100 million baht ($3.13 million), it announced in a stock exchange filing on Friday night.
The share acquisition in Ads Chao Phraya will allow VGI to cover the advertising media outlets exclusively on passenger boats, express boats, ferries, tourist boats and billboards on piers along the Chao Phraya River.
VGI will buy 1,429 existing shares from Silver Pendulum at a price of 34,989.50 each, totaling 50 million baht. Meanwhile, it will subscribe 1,429 newly issued ordinary shares at the same price.
This marks the fourth deal of VGI over the past two months, reflecting the company’s M&A-driven growth strategy.
Last week, it announced to form a joint venture firm with NASDAQ-listed iClick Interactive Asia Group to help consumer brand owners in Southeast Asia to capture the multi-billion-dollar Chinese consumer market through a range of technology-driven marketing solutions.
Besides, VGI decided to join force with its main rival by acquiring an 18.59-per-cent stake in Plan B Media in early April. These two major players represent more than 70 per cent of Thailand’s out-of-home advertising media market worth around 12 billion baht ($376.06 million).
It also joined an $8-million series B+ round of AnyMind Group, a Singapore-based AI solutions provider for advertising and marketing, in March. Along with the investment, they also set up a joint venture firm, called VGI AnyMind Technology, to develop the digital-out-of-home advertising technology in Thailand.