The share price of Jasmine Telecom Systems Public Company Limited (JTS) rose ฿2.80/share or 28.28% to ฿12.70/share at the closing of the morning session on March 22, 2021, with a trading value of 90.4 million baht.
The Stock Exchange of Thailand (SET) last week requested JTS to clarify on its significant increase in share price. JTS stated that the company disclosed only 1 news or information memorandum on March 1, 2021; it is on the resolution passed by the Board of Directors’ Meeting No. 2/2021 to propose to the Shareholder’s meeting to consider and approve the purchase of the Jastel Network Co., Ltd. shares from Jasmine Submarine Telecommunications Co., Ltd., which is classified as the acquisition of assets and a connected transaction.
The company stated that the entry into the Transaction will create business synergies between JTS and JASTEL and increase the opportunities and readiness for the enhancement of the data center and cloud service businesses of JTS in the future, which will be beneficial to the company in many respects. In this regard, JSTC has already entered into the share purchase agreement in respect of the JASTEL shares with JTS today.
Beside the aforementioned acquisition, JTS stated that there was not any additional significant progress.
The share price of JTS rose from ฿2.96/share at the end of February to ฿12.70/share at the closing of the morning session today, representing an increase of 329% in March so far.
The Securities and Exchange Commission (SEC) announced that Mr. Puwapit Supamitchotima sold 0.0212% of JTS shares on March 18, 2021, which would result in a remaining 4.9935% of JTS’ stake.