04 Aug 2020 08:43:00
Business restructuring by transferring assets to a joint venture
Acquisition or disposition of assets Ref. VP200803 August 4, 2020 Subject: Business restructuring by transferring assets to a joint venture Attention: The President, The Stock Exchange of Thailand The Board of Directors of ALT Telecom Public Company Limited (the "Company" or "ALT") at its meeting, No. 3/2020 on May 12, 2020 has adopted the resolutions of business restructuring to expand the business base and increase opportunities for future growth by transferring 2 optical fiber networks to Smart Infranet Company Limited ("SIC"), a joint venture between ALT and Ratch Group Public Company Limited ("RATCH"), the proportion of shareholding between ALT and RATCH is 49% and 51% respectively. Those transferred networks consisted of 1) The fiber networks and micro ducts through the Metropolitan Electricity Authority's underground pipelines on 3 road namely Sukhumvit Road, Phaholyothin - Pradipat Road and Phayathai Road and 2) The fiber network along the railways and highways covers all regions throughout the country (Collectively call both network as the "Transferred Assets"). The Company's Board of Directors has authorized the President to negotiate, agree, asking for permission and take any actions to achieve the assets transfer and business restructuring under the approval frame. Now the Company has completed the transfer of assets and restructuring of the business. The value of transaction was THB 530,868,730 (VAT included). The size of the transaction was considered on the third party shareholding portion 51% in the buyer company compared to total assets value of the Company as at March 31, 2020 was 8.2 %. Therefore, the transaction will not be complied to disclose as the Notification of the Capital Market Supervisory Board No. Tor Chor. 20/2008 Re: Rules on entering into Material Transactions Deemed as Acquisition or Disposal of Assets, and the Notification of the Board of Governors of the Stock Exchange of Thailand (Bor.Jor./Por. 21-01) Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition or Disposal of Asset, 2004. Nevertheless, for the benefit of investors to know the company's strategic progress. Therefore, it is appropriate to disclose the said information for acknowledgment. Respectfully Yours, Somboon Setsuntipong VP - Finance & Accounting ______________________________________________________________________ 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.