18 Dec 2020 18:36:00
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
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. ______________________________________________________________________ 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.