Thaicom Public Company Limited, one of Asia’s leading satellite operators, announced the sale of CS Loxinfo Public Company Limited (“CSL”)shares. Thaicom held 250,099,990 shares or 42.07% via its subsidiary, DTV Service Company Limited (“DTV”) in CS Loxinfo. Advanced Wireless Network Company Limited (“AWN”), subsidiary of Advanced Info Service Public Company Limited (“AIS”), paid a tender offer price of Baht 7.80 per share. The total value of the transaction is Baht 1,950.78 million. CSL is one of Thailand’s leading internet and media business companies.
Mr. Paiboon Panuwattanawong, Chief Executive Officer of Thaicom Plc. said:”The sale of CSL shares to AIS is part of Thaicom’s business plan to consolidate the management structure of affiliated companies and optimize our business strategy. Thaicom has been facingfinancial and regulatory challenges. Selling CSL shares is part of our strategy to raise funds for working capital and investment in our core satellite and related businesses. It will also enable us to pursue new business opportunities independent of the current concession regime in Thailand. Last but not least, this divestment is also beneficial to CS Loxinfo in providing the company new business opportunities and strengthen their future business.”
Thaicom has scheduled an Extraordinary General Meeting of Shareholders No. 1/2017 to inform the sale of CSL shares on Thursday, 30 November 2017, 14.00 hours at Vibhavadi Ballroom, Lobby floor, Centara Grand Hotel, Central Plaza Ladprao..