TICON Awaits Approvals on 1.1 Billion Shares Capital Increase and ฿35bln. Debenture
TICON is aiming to get approvals from shareholders to increase its capital by issuing 1.1 billion newly-issued ordinary shares, and ฿35 billion offering debenture for business expansion and debt settlement.
TICON Industrial Connection Public Company Limited (TICON) has announced the resolutions of the meeting of the Board of Directors to approve the reduction of TICON’s registered capital to ฿1.83 billion, and approving the general mandate of capital increase to ฿2.93 billion by issuing newly-issued ordinary shares in the amount of 1,100,485,424 shares at par value of ฿1/share.
Newly-issued ordinary shares will be allocated to rights offering not exceeding 550,242,712 shares, public offering not exceeding 366,828,475 shares, and private placement not exceeding 183,414,237 shares.
The Boards also resolved to propose to consider and approve the issuing and offering of debentures with the maximum outstanding amount at any time totaling not more than ฿35 billion, increasing from ฿25 billion to fund operations, business expansion and/or repay certain portion of TICON’s debts.
Also, the Boards would propose to the shareholders to approve the change of the Company’s name to Frasers Property (Thailand) Public Company Limited (FPT).
TICON will propose these issues in the next Annual Ordinary General Meeting of Shareholders on January 25, 2019.