Samart buys back shares in mobile phone business
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Samart Corp will boost its stake in Samart I-Mobile Plc through the purchase of shares from a Malaysian shareholder.
In a filing to the Stock Exchange of Thailand, Samart announced that Malaysia-based Axiata Group Berhad (AXIATA), a major shareholder of Samart I-Mobil (SIM), agreed to sell 1.05 billion shares, or 23.93 per cent, for Bt2.875 billion.
Both sides signed the share sale-purchase agreement today. The transaction is expected to be completed within 30 days. After the transaction is complete, Samart will hold a 74.11 per cent stake in SIM.
Samart president Vatchai Vilailuck said in a statement that there was no conflict behind the deal.
He said that Axiata has been a shareholder of SIM for 17 years. Yet, it is a mobile network operator, of which nature of business is different from SIM - a distributor of mobile phones and mobile content.
Moreover, this is in line with Samart's policy to own at least 70 per cent in subsidiaries, to boost confidence among investors and enhance business flexibility.
The company's share price rose by Bt0.50 or 2.44 per cent today, to Bt21.
