Nation Multimedia Group (NMG), a SET-listed media company, will sell its non-core assets, including its shares in digital TV channel Now26, and a printing plant, for 1.4 billion baht ($42.8 million) through a bidding process next year.
The disposed assets include Nation U (NU), which operates Nation University; Bangkok Business Broadcasting (BBB), which operates Now26 digital TV channel; WPS (Thailand), which operates a printing plant; NML, which provides logistics service; and its land and buildings.
The auction is expected to be completed around March-April 2018 after it is granted the relevant approval by its shareholders on February 28, NMG said in a filing to the Stock Exchange of Thailand on Wednesday.
The company said the proposed transactions are part of its business restructuring plan. After the disposal process is completed, it will focus on the core businesses of printing media, activity and event organization, content production, NBC group’s television media business (Nation 22 news channel on digital TV) and the businesses of NINE Group.
Proceeds will largely be used to repay debts, reduce interest payments and as revolving capital, with a small portion to be used to cover operating expenses, NMG added.