Forth Smart Service Public Company Limited (FSMART) has announced that the company intended to jointly invest with Sabuy Technology Public Company Limited (SABUY) in order to register the New Joint Venture (New JV) with the registered capital of 20,000,000 baht in the amount of 2,000,000 shares with a par value of 10 baht per share, fully paid-up share.
FSMART and SABUY will possess shares in New JV at 50 percent of New JV’s registered capital. The New JV is formed due to the company’s intention to expand the business of the Company and increase productions and services to users in the Ecosystem of the group of the companies to have diversity as well as increase user in the platform of Ecosystem by jointly managing costs and expenses to generate efficiency, economy of scale, and economy of scope for both Company and SABUY.
This is to create Business Synergy between each other by bringing together the strengths of the company and SABUY to produce business benefits such as top-up machines, payment system, automatic vending machine and jointly develop new business onward.
FSMART stated that the objectives of this joint venture are as follows;
1) Using sales and marketing channels of both the Company and SABUY to promote each other’s businesses, such as financial services. electronic wallets, Mini ATMs, automated café machines, vending machines, petrol kiosks, customer information management system, lending business, insurance brokerage business, etc.
2) Providing maintenance services of vending machines.
3) Expanding channels for distributors offices and channels for financial and payment services via the counters.
4) Expanding service points of electric vehicle chargers.
5) Joining development of other businesses that benefit both parties, such as call center business, debt collection, etc.
6) Cooperating for the benefit of cost management for both parties
7) Other business purposes as to be agreed in the future.
FSMART stated that the Board of Directors of New JV shall consist of 4 directors of which, 2 Directors, Mr. Narongsak Lertsuptavee and Ms. Rasinee Lerttripinyo, nominated by the company and 2 directors nominated by SABUY and specifying the authorization on behalf of New JV by a director from the company and a director from SABUY, combining in 2 directors who signed together with the seal of the New JV.
Additionally, the sale of New JV’s ordinary shares, if any group of shareholders wishes to sell their shares, the proposal must be delivered to the shareholders of the other group in order to be prioritized to purchase shares before selling to third parties.