TWPC Pours ฿220M. to Take TDC Completely for Market Expansion, Adding Its Stake to 99.99%

Thai Wah Public Company Limited (TWPC) announced on April 24, 2019, Thai Wah Bio Power Limited (TWBP), which is a subsidiary of TWPC, has agreed on the acquisition of ordinary shares in Tapioca Development Corporation Limited (TDC) 166,668 shares or 33.33% of the total shares of TDC, from Japan Corn Starch Company Limited (JCS), who is not a connected person with the Company, with the amount of THB 220 million.

Moreover, the Share Purchase Agreement between JCS and TWBP had completed the share acquisition transaction on the same day. On this detail TWPC will directly hold 33.33% of the total share in TDC and TWBP will hold 66.66 percent of the total shares in TDC.

In term of the benefit after entering into the acquisition of the ordinary shares of TDC, TWPC expects to improve the market expansion of the tapioca starch products of the company and to support the revenues and profits for the purposes of sustainable growth in the long run. For the sources of funds will be obtained from the cash flow of TWPC.