TVD Completes the Amalgamation of 5 Subsidiaries

TV Direct Public Company Limited (TVD) announced in reference to the resolution of meeting of the Board of Directors on July 23, 2020 that has resolved to approve to amalgamate Subsidiary Companies with Associated Companies in Business to Business (B2B) Group according to Company and Partnership law under Civil and Commercial Code, to total 7 companies, namely (1) TVD Services Co., Ltd., (2) TVD Broker Co., Ltd., (3) Last Mile Direct Co., Ltd., (4) Magik Pivot Co., Ltd., (5) MERX 915 Co., Ltd., (6) Global One Corporation Co., Ltd., and (7) 3-RD Co., Ltd., in order to re-arrange the structure and management of B2B group to be more convenient administer, reduce operation cost, reduce trading or service transactions between related parties, gain business advantage and increase opportunity of growth in the future and utilize the existing resources of each company to be more efficient. 

 

After that, the Company has notified the change of investment in Global One Corporation Co., Ltd. which consequently causes Global One Corporation Co., Ltd. to be unable to amalgamate with another 6 Subsidiary Companies and Associated Companies. By this statement, TVD would like to notify the progress of amalgamation of Subsidiary Companies and Associated Companies as follows:

 

1. The Company notified that a subsidiary company of the Company which is TVD Broker Co., Ltd. has discussed with the Office of Insurance Commission (OIC) regarding the inquiry of the new company which established after amalgamation shall obtain the right under insurance broker license and life insurance broker license of TVD Broker Co., Ltd or not. 

 

The OIC has an opinion that the new company cannot obtain the right under insurance broker license and life insurance broker license of TVD Broker Co., Ltd. Therefore, if TVD Broker Co., Ltd. amalgamates with the said Subsidiary Companies and Associated Companies, the insurance broker license and life insurance broker license of TVD Broker Co., Ltd. will be revoked and that will affect the operation of TVD Broker Co., Ltd. 

 

Therefore, the Company decides to cancel the amalgamation of TVD Broker Co., Ltd. with another 5 Subsidiary Companies and Associated Companies as previously notified. 

 

However, after the completion of amalgamation of 5 Subsidiary Companies and Associated Companies, the Board of the Company will consider the re-structure and amalgamation of new company and TVD Broker Co., Ltd. later on. 

 

2. The Company has completed the amalgamation of 5 Subsidiary Companies and Associated Companies such as (1) TVD Services Co., Ltd. (TVDZ), (2) Last Mile Direct Co., Ltd. (LMD), (3) Magik Pivot Co., Ltd. (MGP), (4) MERX 915 Co., Ltd. (MERX), and (5) 3-RD Co., Ltd. (3RD) and established a new company under the name of ABPO Co., Ltd. (“ABPO”) on January 4, 2021.