08 Sep 2016 07:37:00
Establishment of New Entity Jointly with ThreeSixtyFive Public Company Limited
AUCT-OP 243/2559 7 September 2016 Subject: Establishment of New Entity Jointly with ThreeSixtyFive Public Company Limited To: The President The Stock Exchange of Thailand The Board of the Directors' Meeting No. 4/2016 which was held on 9 August 2016 has approved the Company to invest jointly in the new entity with TSF Energy Co., Ltd., TSF's subsidiary. On this day, the Company has signed the MoU for the establishment of such new entity having details as follows: 1. Information on the new entity Name of company: Action & Auction Co., Ltd. Objectives: 1. To manage and develop quality of assets 2. To improve loan quality 3. To manage the relocation of assets and transportation 4. To provide asset evaluation service 5. To provide vehicle examination service 6. To provide software operating service 7. To be the center of asset management data 8. To engage in used-cars business and others 9. To engage in online bidding business 10. To provide PR and marketing service 11. To engage in business antiques Registered capital: THB 10 million Shareholding proportion: (1) Union Auction Public Company Limited holds 50.998% (2) TSF Energy Co., Ltd. holds 24% (3) Pearl and Dean Media Service Co., Ltd. holds 15% (4) Athajak Co., Ltd. holds 5% (5) Mr. Baupit Thurachon holds 5% (6) Miss Poonsilp Kaewchumnong holds 0.001% (7) Mr. Kriengsak Tamraksa holds 0.001% 2. Objective of investment To generate income and promote Company's stability 3. Source of Fund The Company's working capital 4. Benefits to be gained To increase customer base as well as strengthen its potential in business competition which will be beneficial and advantageous to both the Company and its shareholders. This transaction is insignificant to public according to disclosure and connected transaction of acquiring and disposal of asset, following by regulation of Board of The Stock Exchange of Thailand. Moreover, the Company will inform the Stock Exchange of Thailand once the contract is signed between the shareholders. Please be informed accordingly. Yours sincerely, Union Auction Public Company Limited -Signature- (Mr. Thepthai Sila) Director Authorized Signatory ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.