Advanced Wireless Network Co., Ltd. completed the acquisition of 56.2% stake in CS Loxinfo Public Company Limited from Singapore Telecommunications Limited and DTV Service Company Limited.
January 21, 2018
Share
Advanced Wireless Network Co., Ltd. signed a non-binding and conditional letter of intent to acquire 56.2% stake in CS Loxinfo Public Company Limited (SET:CSL) from Singapore Telecommunications Limited (SGX:Z74) and DTV Service Company Limited for THB 2.6 billion on September 5, 2017. Advanced Wireless Network Co., Ltd. entered into an agreement to acquire 56.2% stake in Singapore Telecommunications Limited (SGX:Z74) from Singapore Telecommunications Limited (SGX:Z74) and DTV Service Company Limited on October 6, 2017. The shares will be acquired at a preliminary indicative price of THB 7.8 per share which is subject to further negotiations and/or due diligence. DTV Service Company will sell 250.1 million shares and Singapore Telecommunications will sell 84.1 million shares. The transaction will be funded from internal cash flow and/or loan from financial institutions.
The transaction is subject to satisfaction of the due diligence result, entry into the definitive agreement, approval from Office of the National Broadcasting and Telecommunications Commission, approval from the Board of Directors and the approval from the shareholders of Advanced Info Service Public Company Limited, parent company of Advanced Wireless Network Co., Ltd., DTV Service Company Limited and Singapore Telecommunication Limited. The transaction was approved by the Board of Thaicom Public Company Limited (SET:THCOM), parent of DTV Service and Advanced Info Service Public Company on October 2, 2017. As on October 2, 2017, Advanced Info Service Public Company completed the due diligence for the transaction. On October 24, 2017, all corporate approvals have been obtained by Singapore Telecommunications Limited. On November 28, 2017, the transaction is approved by National Broadcasting and Telecommunications Commission. Shareholders of Thaicom Public Company Limited approved the transaction in the extraordinary general meeting held on November 30, 2017. As of December 1, 2017, all conditions for transaction have been fulfilled. The proceeds from the transaction will be utilized by Thaicom Public Company Limited to repay its debts, distribute the dividends to shareholders and reserve as its working capital or invest in the satellite business or related potential businesses.
Silom Advisory Company Limited acted as financial advisor for DTV Service Company Limited. Silom Advisory Company Limited considers the deal as reasonable and recommends the shareholders to vote in favor. Weerawong, Chinnavat & Partners Ltd. acted as legal advisor in the transaction. Suparerk Auychai, Arthit Hemara, Noparat Kaewsringarm and Chunhapak Taechakumtornkij acted as legal advisor for Singapore Telecommunications Limited.
Advanced Wireless Network Co., Ltd. completed the acquisition of 56.2% stake in CS Loxinfo Public Company Limited (SET:CSL) from Singapore Telecommunications Limited (SGX:Z74) and DTV Service Company Limited on January 22, 2018.
Singapore Telecommunications Ltd is a Singapore-based communications technology company. The principal activities of the Company consist of the operation and provision of telecommunications systems and services, and investment holding. Its segments include Optus, Singapore Consumer, Group Enterprise, and NCS. The Optus segment offers mobile, equipment sales, fixed voice and data, satellite, managed services, Infocomm Technology (ICT), cloud computing and cybersecurity in Australia. The Singapore Consumer segment offers mobile, fixed broadband, voice, pay television, content and digital services, as well as equipment sales in Singapore. The Group Enterprise segment provides ICT, mobile, equipment sales, fixed voice and data, satellite, managed services, cloud computing and cyber security. The NCS segment offers ICT (including cybersecurity) and IT services, as well as professional consulting in Singapore, Australia and in the region.
Advanced Wireless Network Co., Ltd. completed the acquisition of 56.2% stake in CS Loxinfo Public Company Limited from Singapore Telecommunications Limited and DTV Service Company Limited.