Nation Group rights issue gets overwhelming response, oversubscribed by 20%
Nation Group’s rights issue to fund its expansion plans has been oversubscribed by over 20%, the company’s top executive said on Thursday.
Nation Group CEO and president Shine Bunnag said that a large number of existing shareholders and investors had applied for the group’s rights offer, with the total subscription amount exceeding 900 million baht, compared to the company’s proposed capital increase of 732 million baht.
The rights issue offered shareholders two newly issued ordinary shares for every ordinary share at 0.09 baht a share.
The increased capital is intended to be used as a revolving fund to support Nation Group’s future business expansion under its One Nation strategy.
In December, Nation Group (Thailand) Plc’s board of directors approved a rights offering of 8,135,940,724 shares to existing shareholders.
Application for the rights issue was open from January 19 to 25.
Nation Group, which operates The Nation news website among many other media outlets, said on Thursday that the latest capital increase would raise the company’s registered capital from 2.1 billion baht at present to 6.46 billion baht.
Shine on Thursday thanked shareholders and investors for their “overwhelming interest” in Nation Group’s rights offer. “As the representative of the management, I am deeply impressed and grateful for your confidence in the organisation,” he said.
The president also said that the company aimed to pay dividend later this year, for the first time in eight years .
Shine said 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, Thansettakij, OK Nation, Khob Sanam, and The People.