DTC Sells Its 40% Shares of Dusit Hospitality Education PH, Pricing ฿219.6mn

Dusit Thani Public Company Limited (DTC) reported that on March 5, 2020, Dusit Thani Philippines, Inc. (DTPI), the 88.01% subsidiary held by Dusit Thani Properties Co., Ltd. (DTPC), has executed the Share Purchase Agreement with Fine Properties, Inc. in the Philippines which is major shareholder of Dusit Hospitality Education Philippines, Inc. (DHMC) but is not connected person of the Company to dispose 3,599,997 shares in DHMC, representing 40% of the total shares of DHMC.

DTPI will sell 3,599,997 shares in DHMC representing 40 percent of the total shares at the price of PHP 359,999,700 (or approximately THB 219.60 million). Once DTPI sold all shares in DHMC, DHMC will no longer be an affiliated of DTC.

The sale of DHMC shares transaction is to prepare for the restructuring of education business of Dusit Group in the future and DTPI will use proceeds received from the sale of DHMC shares as working capital and repay partial debt.