The SET-listed property developer Tanayong Plc will pay 40 billion baht to raise its shareholding in Bangkok Mass Transit System BTSC, the operator of the capitals elevated train system, to 94.6% from 0.38% at present.Under the plan, Tanayong will acquire about 15 billion of the total paid-up shares of BTSC, which the developer founded in 1992.
The shares will be bought from Siam Rail Transport and Infrastructure Ltd 52.7%, Siam Capital Developments Hong Kong Ltd 36%, Keen Leader Investment Ltd 3.2% and the rest from Keeree Kanjanapas, chairman of both Tanayong and BTSC.Approximately 20.65 billion baht, or 51.59%, of the total transaction value will be paid in cash.
Tanayong has already been granted loans worth 22 billion baht to finance the deal.The remaining 19.378 billion baht will be paid in the form of newly issued shares of Tanayong amounting to 28.16 billion shares at the price of 0.69 baht apiece in a share swap with BTSCs existing shareholders, Mr Keeree said.
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