Millcon board approves purchase of Ocean

Ocean Profit will increase its ordinary shares from 100,000 to 15.1 million, with all 15 million new shares to be subscribed to by Millcon.
After the deal, Millcon will become a 99.54percent majority shareholder of Ocean Profit, as the existing shareholders, Pacific Asia (Thailand) and the Industrielle Beteiligung (Asia), have disclosed their intention not to subscribe for the new ordinary shares.
The Millcon board also approved a proposal that a shareholders’ meeting consider the acquisition of assets of TSSI by Ocean Profit.
In addition, the board approved proposing to shareholders the issuance and offering of a convertible debenture not exceeding Bt1.809 billion, with a maturity of not more than six years from the issue date.
The company has approved proposing to the shareholders’ meeting a capital reduction from Bt962.82 million to Bt875.32 million by cancelling its unallocated shares.
If approved at the meeting, it will then increase its capital from Bt875.32 million to Bt1.22 billion by issuing 858 million new ordinary shares at par value of 40 satang.
After the capital increase, 603 million shares will be reserved for the exercise of convertible debentures at Bt3 each, and the remaining 255 million shares will be allocated to Deutsche Investitions und Entwicklungsgesellschaft and via private placement at an offer price of Bt2.7 apiece.
The extraordinary general meeting will be held on November 11.