THURSDAY, March 28, 2024
nationthailand

NMG to sell off its non-core businesses

NMG to sell off its non-core businesses

IN A major move to streamline its operations and improve cash flow, the Nation Multimedia Group (NMG) will sell off a number of its non-core businesses, including Nation University and NOW 26 digital TV channel, its management announced yesterday.

In a report filed with the Stock Exchange of Thailand, NMG said its board of directors approved the planned spin-offs at a meeting on Tuesday. 
The planned assets sales are subject to approval from NMG shareholders in an extraordinary meeting scheduled for February 28, 2018.
The assets to be disposed of through a bidding process also include its printing facilities, logistics and transportation services, and five plots of land in Bangkok and other provinces, according to the report. 
Marut Arthakaivalvatee, chairman of the NMG board of directors, said the sales will be conducted through open bidding to ensure transparency and maximum benefits for the company and its shareholders.
“The sales of these non-core businesses will help improve cash flow for NMG and are part of our efforts to streamline our operations,” Marut said.
The sales constitute a major part of the on-going restructuring at one of Thailand’s largest media groups which also operates three daily newspapers, including The Nation, Nation TV, Thailand’s leading news and current affairs channel, and Nation International Edutainment, a comics and edutainment company. 
Marut said the restructuring will allow NMG to concentrate on its core businesses in news contents.
NMG said in its report to SET that it expects the assets transactions to be completed within six months after its shareholders give a green-light to the spin-offs. 
 

nationthailand