Nation Group’s board approves acquisition of Thansettakij for THB240 million
The board of directors of Nation Group (Thailand) Plc has approved buying the entire stake of Thansettakij from News Network Corporation (NEWS) for 240 million baht, the Stock Exchange of Thailand (SET) was informed on Wednesday.
Nation Group informed the SET that its board had approved the purchase of 20,074,998 shares, or 100% of shares of Thansettakij Multimedia Company Limited (TMM), from NEWS at 11.96 baht per share at its meeting on Wednesday.
Thansettakij has a registered capital of 200.75 million baht with 20,075,000 shares at 10 baht per share.
Thansettakij is a media company with printed media, TV programmes and online media. Thansettakij also organises events and business seminars.
Following approval from the Nation’s board, the deal is expected to be completed within the next month.
Nation Group already owns Krungthep Turakij, a business-focused media, and with the purchase of Thansettakij, Nation Group’s expertise in business and economic reporting will be strengthened.
Nation Group had acquired other assets during the previous six months and the value of the acquired assets during the six-month period has boosted the value of Nation Group by 55.56%.
Since the new acquisition is from a company related to NEWS and because of the value of the acquired entity, Nation Group is obliged by the regulations of the Securities and Exchange Commission to inform the SET about the board’s decision.
NEWS is associated with Nation Group and the assets to be acquired are valued at over 20 million baht, hence in accordance with the rules, Nation Group informed the SET.
Because of the valuation of the transaction, Nation Group will need approval from three-fourths of its shareholders.
The board approved the appointment of Finnex Advisory Co Ltd as an independent financial adviser in charge of providing opinions on the purchase of Thansettakij’s shares to Nation Group shareholders at least 14 days before the meeting of shareholders would be held to seek approval for the purchase.
Nation Group CEO Shine Bunnag said the board approved the purchase of Thansettakij’s shares because this investment would strengthen the media group, as Thansettakij is acknowledged as a leading media entity in the country.
“Under the One Nation strategy, Thansettakij will complete the media business of the group to win acceptance from all sectors of society,” Shine said.
He added that Thansettakij would help steer the development of the organisation through synergy of operations among media under the group in terms of content, personnel and other operations in all dimensions for the ultimate benefit of the group.
Thansettakij is a leading media house of Thailand in the economic, finance and investment fields and has been operating for over 43 years. It has a strong editorial operation with potential to generate income from offline, online and on-ground platforms.