27 Feb 2020 20:39:00
Establishment of New Subsidiary
Acquisition or disposition of assets The establishment of a new subsidiary to support business expansion with details as follows; Subsidiary Name: S Investment and Management (BVI) Ltd. Registered capital: US $ 5,000,000 consisting of 5,000,000 ordinary shares At par value of 1 USD per share Paid-up capital: USD 1 Shareholders Structure: S Hotel and Resorts Inter Co. Ltd. (in which the Company holds 99.99 percent directly), holds 100 percent Establishment objectives: Preparations for international investments Head office location: Tortola Pier Park, Building 1, Second Floor, Wickhams Cay I, Road Town, Tortola, British Virgin Islands Funding source used: Working capital of the Company The establishment of this new subsidiary is not a connected transaction but an asset acquisition transaction calculated for the maximum transaction size based on the total value of consideration basis of the total assets of the Company and its subsidiaries as of 31 December 2019, in accordance with the announcement of the Capital Market Supervisory Board Thor.Jor. 20/2551 re: Significant transactions that are classified as an acquisition or disposal of assets (including its amendments) and the announcement of the Stock Exchange of Thailand re: Information Disclosure and Practices of Listed Companies Regarding Acquisition or Disposal of Assets B.E. 2547 (including its amendments). When the acquisition of assets in the past 6 months of the Company is accumulated, the size of the acquisition of total accumulated assets is not considered a significant acquisition or disposal of assets according to the announcement of the Stock Exchange of Thailand mentioned above. However, the Company has a duty to disclose information about the establishment of a subsidiary or a joint venture with other company to the Stock Exchange of Thailand according to the regulations of the Stock Exchange of Thailand Bor.Jor./Por. 11-00 re: rules, conditions and procedures regarding the disclosure of information and any action of listed companies B.E. 2560 (including its amendments) ______________________________________________________________________ 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.