TOA Paint (Thailand) Public Company Limited (TOA) announced that the resolution of the Board of Directors’ Meeting held on December 15, 2020, approved of transactions for Mega Paint and Home Co., Ltd. (MGPH), the company’s wholly-owned subsidiary, to invest in 2 companies engaging in the businesses of import and selling tiles, namely Phacha Enterprise Co., Ltd. (PCE) and Phawatri Intertrade Co., Ltd. (PWT). In this regard, MGPH was to enter into the acquisition of shares 52% of the total issued shares of the two companies.
Thus, MGPH entered into the share purchase agreement between PCE and PWT and acquired 52% of the total issued shares on February 13, 2021. The total transaction value is 122,070,000 baht divided into: 1) 89,884,340 baht for acquiring shares in PCE and 2) 32,185,660 baht for acquiring shares in PWT.
The investment supports TOA’s business expansion relating to tile business, which helps the company deliver more growth beyond paints and coatings in line with the company’s strategies (Growing Beyond Colors) paving the way to sustainable value creation for shareholders.