BAY Invests ฿1.1bn in “SBF”, the Philippines to Grow the Bank’s Business Outside Thailand

BAY Invests ฿1 Billion in "SBF", the Philippines to Grow the Bank’s Business Outside Thailand

Bank of Ayudhya Public Company Limited (BAY) approved the bank or its subsidiaries to acquire 50% of the total issued and paid-up shares of SB Finance Company Inc. (SBF), one of the fastest-growing finance companies in the Philippines, from Security Bank Corporation (SBC) for estimated consideration of THB 1,096.9 million based on SBF’s equity book value as of June 30,2019 of THB 904.3 million.

According to the investment, BAY and its subsidiaries will acquire 7,075,000 ordinary shares of SBF for an estimated consideration of THB 1,096.9 million.

The initial consideration is equivalent to 0.46% if the net tangible asset of the Bank as of June 30, 2019, based on the calculation method of related party transaction. The actual consideration is subject to change in actual equity book value as of the closing date. 

The source of funds will come from the Bank’s internal cash flow and the payment will be made in cash. The purpose of the transaction is to grow the bank’s business outside Thailand, and/ or other relevant in Thailand and other countries.

คำค้น