Aqua Corporation Public Company Limited (AQUA) has announced that its Board of Directors has approved the resolution, through its 100% subsidiary of Boardway Media Company Limited (BWM), to acquire 100% of the ordinary shares of S. Thana Media Company Limited (STN) from the existing shareholders with investment value of THB 380 million.
The payment will be made in two installments. The first installment will be paid at a total of THB 136 million on the date of signing the share purchase agreement along with the transfer of STN’s ordinary shares total of 49,998 shares.
The second installment of THB 244 million will be paid by issuing a cheque of BWM ordered in the name of EIC (STN’s major shareholder) dated September 30, 2019, delivered to EIC on the date of signing the Share Purchase Agreement.
AQUA expects for an out of home media business expansion for BWM while STN’s operating results had net profit so it will increase the overall performance of AQUA in the future.