Ratch Group Public Company Limited (RATCH) announced in reference to the share purchase agreement with Thai Airways International Public Company Limited (THAI) to acquire 15.53% of total issued and paid-up share in Bangkok Aviation Fuel Services Public Company Limited (BAFS), on January 19, 2021, THAI has completely transferred the shares to RATCH and RATCH paid a total share purchase price to THAI.
On November, 24, 2020, RATCH’s Board of Directors approved an attendance in an auction to purchase 98,983,125 shares of BAFS (equivalent to 15.53% of total issued and paid-up shares in BAFS) from THAI. Then on December 19, 2020, RATCH attended the auction and offered the highest purchase price of share at ฿27.40/share or at 2,712,137,625 baht in a total amount. Later, on December 29, 2020, RATCH had entered into a share purchase agreement with THAI.
This investment is an investment on asset that is expected to have high growth potential after the epidemic of Covid-19 subsides, as BAFS core business includes aviation fuel storage system and aviation refueling system provided in airports throughout Thailand, which is a business that is based on Thai’and’s tourism industry which has high growth during normal situation.
In addition to RATCH’s core business, this is the first expansion into a new business in providing aviation fuel storage as well as fuel pipeline transportation. The investment will enable RATCH to efficiently and beneficially manage its investment portfolio which includes power generation from clean energy, digital innovation and technology together with BAFS Group in the future.