News Detail

Date/Time
18 Dec 2020 18:36:00
Headline
Notification of the Default of the Counterparty under the Memorandum of Understanding to Study the Possibility of Sale and Purchase of Shares in Nirvana Daii Public Company Limited
Symbol
S
Source
S
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                The reference is made to the notification letter of the Singha Estate Public 
Company Limited (the "Company") on 23 November 2020 regarding the result of the
agreement for sale and purchase of shares of Nirvana Daii Public Company Limited
("NVD") under the Memorandum of Understanding ("MOU") with the conclusion that
Somwattana Group, led by Mr. Sornsak Somwattana, the Chief Executive Officer of
NVD, would be the purchaser of ordinary shares in NVD from the Company for
711,855,320 shares, equivalent to 51.56 percent of total paid-up capital of NVD,
 at the price of 2.52 Baht per share, or in a total of Baht 1,793,875,406.40.

The Company would like to inform that according to the MOU, today (18 December 
2020) is determined to be the closing date that Somwattana Group, the purchaser
who won the bidding, shall make the payment to the Company, unconditionally,
within the operation hours of the Stock Exchange of Thailand. In this regard,
the Company has completely fulfilled its obligations under the MOU in the
preparation of shares to be transferred to Somwattana Group.

Nonetheless, the Company has not received the payment within the specified time,
resulting Somwattana Group in failure to perform its obligations under the MOU
and the Company reserves its rights for further actions.
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