Central Pattana Public Company Limited (CPN) revealed the acquisition of ordinary shares in Bayswater Company Limited ( Bayswater ) from BTS Group Holdings Public Company Limited (BTS) in a total amount of 50,000 shares or 50% of the total issued and sold shares of Bayswater, including all related liabilities, representing a total trading value of Baht 7,698.72 million which is subject to the conditions of the Shares Purchase Agreement and other related agreements.
The acquisition of the aforementioned shares is the acquisition after Ratchada Asset Holding Company Limited (Ratchada Asset Holding), (a subsidiary which Grand Canal Land Public Company Limited (GLAND) holds 100% of shareholding) refused to acquire Bayswater’s ordinary shares from BTS, which is in accordance with the Right of First Refusal stated in the Shareholders’ Agreement between Ratchada Asset Holding and BTS. The Company has objectives of share acquisition of Bayswater as follows
1) To support CPN’s business expansion which shall increase the Company’s competitiveness and revenue base since Bayswater has a land ownership located on Phaholyothin Road which is a potential land plot for project development in the future.
2) To increase an efficiency of management and reduce risks of entering into the share acquisition made by others.