SIRI Invests ฿1.5Bn to Take Over 9 JV Companies from U, Growing Its Real Estate Business

Sansiri Public Company Limited (SIRI) announced that on 30 November 2020, the Company has entered into an acquisition and disposal of the ordinary shares in 11 joint venture companies between the Company and U City Public Company Limited (U City), consist of (1) BTS Sansiri Holding Two Limited (2) BTS Sansiri Holding Three Limited (3) BTS Sansiri Holding Five Limited (4) BTS Sansiri Holding Six Limited (5) BTS Sansiri Holding Eleven Limited (6) BTS Sansiri Holding Twelve Limited (7) BTS Sansiri Holding Thirteen Limited (8) BTS Sansiri Holding Fourteen Limited (9) BTS Sansiri Holding Seventeen Limited (10) BTS Sansiri Holding Twenty One Limited and (11) BTS Sansiri Holding Twenty Three Limited (together be referred to as Joint Venture Companies) as resolved by the Board of Directors’ Meeting held on 26 November 2020 with details as follows:

 

The disposal of ordinary shares in 2 Joint Venture Companies, namely BTS Sansiri Holding Thirteen Limited and BTS Sansiri Holding Twenty One Limited in proportion of 50% to U City. By disposing such ordinary shares, the Company will transfer to U City all of its claims on existing loans granted to the Disposed Joint Venture Companies by U City where the purchase price for ordinary shares and claims on loans are in the total amount of 1,188,197,447.11 Baht. 

 

After the Ordinary Shares Disposal Transaction is completed, the Disposed Joint Venture Companies shall seize from being the joint venture companies of the Company.

 

The acquisition of the ordinary shares in 9 Joint Venture Companies in proportion of 50% from U City. By acquiring such ordinary shares, the Company will accept from U City the transfers of claims on existing loan granted to the Acquired Joint Venture Company by U City where the purchase price for ordinary shares and claims on loans are in the total amount of 1,547,188,846.41 Baht. 

 

After the Ordinary Shares Acquisition Transaction is completed, the Acquired Joint Venture Companies shall transform into the subsidiaries of the Company.