News Detail

Date/Time
12 Nov 2020 18:44:00
Headline
Establishment of New Subsidiaries
Symbol
S
Source
S
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                Acquisition or disposition of assets

The establishment of new subsidiaries to support business expansion with details
 as follows;
1. Subsidiary Name: S Holdings (BVI) Ltd.
Registered capital: USD 5,000,000, consisting of 50,000 ordinary shares, at par 
value of 100 USD per share
Shareholders Structure: S Energy (BVI) Ltd. (99.99% indirect subsidiary of the 
Company) holds 100%
Establishment objectives: Preparations for international investments
Head office location: Tortola Pier Park, Building 1, 2nd Floor, Wickhams Cay I, 
Road Town, Tortola, British Virgin Islands
Funding source used:     Working capital of the Company
2. Subsidiary Name: S Maldives Pvt. Ltd.
Registered capital: USD 2,000,000, consisting of 2,000,000 ordinary shares, at 
par value of 1 USD per share
Shareholders Structure: 1.) S Holdings (BVI) Ltd. (99.99% indirect subsidiary of
the Company) holds 99.99%)  2.) S Energy (BVI) Ltd. (99.99% indirect subsidiary
 of the Company) holds 0.01%)
Establishment objectives: Preparations for Republic of Maldives investments
Head office location: H. Orchidmaage' 1st Floor, Ameer Ahmed Magu, K. Male' 
20095, Republic of Maldives
Funding source used:     Working capital of the Company
The establishment of these new subsidiaries are 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 30 September 2020, 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 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 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.