JAS Approves the Transfer of JASTEL to JTS to Enhance Data Center-Cloud Service Business

Jasmine International Public Company Limited (JAS) announced that the Board of Directors on March 1, 2021, approved the business restructuring and the shareholding of a subsidiary in JAS and its group so that the Telecom Network and Service Provider Business of Jastel Network Co., Ltd. (JASTEL) will be under the management of and in business cooperation with Jasmine Telecom Systems Public Company Limited1 (JTS), which is a business operator that procures, designs and installs communication and telecommunication systems (System Integration Business).

 

The restructuring will be by way of transferring all the shares of JASTEL held by Jasmine Submarine Telecommunications Co., Ltd. 2 (JSTC), amounting to 5,199,993 shares, with a par value of THB 100 per share, representing 99.99% of the total shares of JASTEL, at the average price of THB 231 per share, totaling THB 1,201,198,383, to JTS.

 

The entry into the Transaction will create business synergies between JTS and JASTEL and increase the opportunities and readiness for the enhancement of the data center and cloud service businesses of JTS in the future, which will be beneficial to the company in many respects. In this regard, JSTC has already entered into the share purchase agreement in respect of the JASTEL shares with JTS today.