Thaicom sells CS Loxinfo shares to AIS subsidiary
The satellite operator Thaicom on Monday announced its divestment of CS Loxinfo (CSL) shares to Advanced Wireless Network (AWN), a subsidiary of Advanced Info Service (AIS), at the proposed price of Bt 7.80 per share.
The total value of the transaction is Bt1.950.78 billion. CSL is one of Thailand’s leading Internet and media business companies.
Thaicom held 250,099,990 shares or 42.07 percent in CSL via its subsidiary, DTV Service Company Limited (DTV).
Thaicom chief executive officer Paiboon Panuwattanawong said: “The sale of CSL shares to AIS is part of Thaicom’s business plan to consolidate the management structure of affiliated companies and optimize our business strategy. Thaicom has been facing financial and regulatory challenges. Selling CSL shares is part of our strategy to raise funds for working capital and investment in our core satellite and related businesses."
Paiboon added that selling the shares allows Thaicom “to pursue new business opportunities independent of the current concession regime in Thailand. Last but not least, this divestment is also beneficial to CS Loxinfo in providing the company new business opportunities and strengthen their future business.”
Thaicom has scheduled shareholder meeting on November 30 to inform them of sale of CSL shares.
The share acquisition is on condition that AWN will obtain more than 50 per cent shareholding in CSL.
