GRAMMY Resumes Trade as “Damrongchaitham Family” Transfers 52% Stake to Holding Company

The Stock Exchange of Thailand (SET) has lifted the “Halt” sign from GMM Grammy Public Company Limited (GRAMMY) after the official clarification from the company of its big lot transaction.

 

GRAMMY announced that the company has been notified that a group of shareholders of GRAMMY, who are members of the Damrongchaitham family, has changed their shareholding in the company by transferring all of their company’s shares to Fah Damrongchaitham Co., Ltd. (Fah Damrongchaitham), which is a holding company incorporated by the said group of shareholders for the purpose of restructuring the Damrongchaitham family’s shareholding structure in order to support the family’s business governance in the long term.

The transfer of the Company’s shares to Fah Damrongchaitham took place on October 18, 2021. As a result of the transfer, Fah Damrongchaitham has a shareholding of 52.05 percent of the total voting rights of the company, and has become a major shareholder of the company.

GRAMMY added that before and after the restructuring, there is no change of control in the company.

Moreover, the company has been informed by the group of shareholders that Fah Damrongchaitham and the group of shareholders are not required to make a tender offer for all of the company’s shares pursuant to section 2 4 7 of the Securities and Exchange Act B.E. 2 5 3 5 ( as amended) as Fah Damrongchaitham and the group of shareholders have obtained a waiver not to make such a tender offer for all of the company’s shares on the basis that the restructuring does not result in a change of control in the company.