Pete JAS holding rises past 50%

In a filing to the Stock Exchange of Thailand, JAS subsidiary Jasmine Telecom Systems (JTS) cited the fact that on Monday, Pete, chief executive officer of JAS, had acquired shares of JAS, resulting in his holding in JAS exceeding 50 per cent of JAS’s total issued shares.
His share increase gives him an indirect acquisition of controlling power in JTS, which requires Pete to make a tender offer for all of JTS’s securities, unless Pete has complied with the criteria prescribed in the notification of the Securities and Exchange Commission.
JAS owns 32.8 per cent of JTS.
JAS reported to the SET on Monday that Pete made a tender offer for 4.09 billion of its shares and 2.7 billion of its warrants.
The submission date for the tender offer is next Wednesday.
Pete offered to purchase JAS shares at Bt7.25 each and JAS-W3 warrants at Bt3.68 each.
It was speculated that Pete might offer the acquired shares to some telecom operators, such as Advanced Info Service or Total Access Communication (DTAC), which might be interested in creating synergy with JAS’s fixed broadband Internet business.
Lars Norling, chief executive officer of DTAC, said the company was not interested.
“DTAC here and now focuses on the mobile-phone-service business only,” he said.
JAS stock closed up 0.69 per cent at Bt7.25, while DTAC closed down 5.88 per cent at Bt32.
In the morning session, the SET posted a “halt” sign on JTS’s securities after the company’s request to suspend trading pending disclosure of significant information.
In the afternoon session, the SET posted a “suspend” sign on JTS securities, since it had yet to give a satisfactory explanation of its situation.