BANG KADI, THAILAND – SVI Public Co. has received a letter of intention from its largest shareholder to make a conditional voluntary tender offer to acquire all the securities of the company.
Pongsak Lothongkam intends to acquire the firm’s 1,168,945,458 ordinary shares, or 54.3% of the total number of paid-up ordinary shares. In addition, Lothongkam wants to acquire the unexercised 30 million units of certificates representing the rights to purchase shares No. 3 issued and offered to directors and employees of SVI, or 100% of the total number of issued and unexercised amount, at the offer price of 4.85 baht (US$0.16) for each ordinary share and Baht 0.41 per unit of SVI-W3.
As of Sept. 11, Lothongkam holds 984,264,523 ordinary shares, or 45.7% of the total number of paid-up ordinary shares.
The firm will hold a board meeting Sept. 14 to consider appointing an independent financial advisor to the shareholders of SVI.