SAWAD’s Boards Approve the JV with NOBEL and GSB, Expecting to Propose to EGM on Feb 17

SAWAD’s Boards Approve the JV with NOBEL and GSB, Expecting to Propose to EGM on Feb 17.

Ms. Doungchai Kaewboota, Managing Director of Srisawad Corporation Public Company Limited (SAWAD), stated that the Board of Directors of the company has resolved to approve the joint venture with Noble Development Public Company Limited (NOBLE), through its subsidiary of SAWAD, SWP Asset Management Co., Ltd. (SWP), which operates mainly in the non-performing loan and non-performing asset businesses. NOBLE will hold 20 percent of the total shares in SWP with a value of about 300,000,000 baht.

 

Moreover, the company also approved the entry into a joint investment transaction with the Government Savings Bank (GSB) in Fast Money Co., Ltd. (FM), the Company’s wholly-owned subsidiary, in order to operate the business of auto title loans, with joint investment value by GSB of no more than 1,500,000,000 baht (whereby the value of a subscription to the newly-issued ordinary shares in FM will not exceed 1,300,500,000 baht and the value of the purchase of existing ordinary shares in FM from the company will not exceed Baht 198,900,000, and the value of the newly-issued ordinary shares and existing ordinary shares is Baht 306 per share).

After the joint investment, GSB will hold no more than 49 percent of total shares in FM, and the company will hold no less than 49 percent of the total shares in FM.

 

The date of Extraordinary General Meeting of Shareholders No. 1/2021 has been set for 17 February 2021, via electronic means (E-EGM) only and in compliance with rules and regulations prescribed under the applicable law by broadcasting live from the Auditorium room, 3rd floor, 99/392 Srisawad Building, Chaeng Watthana Road, Thungsonghong, Laksi, Bangkok, at 10.00 hrs., to consider the matters mentioned above.

 

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