Nation Group eyes at least THB730m from rights issue to support expansion
Nation Group (Thailand) Plc’s board of directors has approved a rights offering of 10,847,920,965 shares at 0.53 baht each, the Stock Exchange of Thailand (SET) was informed on Friday.
Nation Group is aiming to raise at least 730 million baht from this capital increase, to be used as a revolving fund supporting future business expansion under the One Nation strategy.
The company also notified the SET that its board had approved the purchase of all 20,074,998 shares of Thansettakij Multimedia Company Limited (TMM) from News Network Corporation (NEWS) at 11.96 baht per share in a deal totalling 240 million baht. The decision was made earlier in late November.
The acquisition of Thansettakij secures Nation Group’s ownership of TMM’s print and online media, TV programmes, and events and seminars business.
Nation Group CEO Shine Bunnag said the board approved the capital increase and purchase of Thansettakij’s shares to strengthen the media group, as Thansettakij is acknowledged as a leading media entity in the country.
Nation Group is currently among Thailand’s strongest media organisations with a comprehensive stable of brands including Krungthep Turakij, Nation TV, Post Today, Nation Online, Kom Chad Luek, Spring Online, The Nation, OK Nation, Khob Sanam, The People, and Thansettakij, he said.
“The One Nation strategy highlights the strength of Nation Group. All media are synergized across all aspects: administration, personnel management, content management, and the use of innovation and new technology to produce high-quality news and knowledge to serve the public while adhering tightly to professional journalistic ethics,” said Shine.