Thai listed energy and media firm Demeter Corporation Pcl (DCORP) plans to spend up to 74.37 million baht ($2.2 million) on acquiring a 30 per cent interest in Blue Finix Digital Pcl, the app developer for internet broadcasting, the company said in a filing on Thursday.
The company said the deal will provide it the opportunity to expand its business to the online live streaming business and other related businesses.
The transaction will be made by DCORP’s wholly-owned subsidiary, DMedia.
DMedia will acquire 28,600 shares, equivalent to 20 per cent of the registered capital of Blue Finix, from Thai Trade Communication Co Ltd for 49.37 million baht, and subscribe to 20,500 newly issued shares for 25 million baht.
After the transaction is completed, Blue Finix’s registered capital will increase from 14.3 million baht to 16.35 million baht.
Blue Finix currently operates an online live streaming service and expects to gain over 50 per cent market share in the industry, which is worth around 34 billion baht.
DCORP will provide a loan to DMedia to fund this acquisition, according to the filing.