CHO Strengthens the Business by Offering Newly-Issued Ordinary Shares to “Marat Sae-lim”
CHO plans to strengthen its business by selling 118 million newly-issued ordinary shares in a private placement to Mr. Marat Sae-lim.
Cho Thavee Public Company Limited (CHO) has announced the allocation of the newly issued ordinary shares under the General Mandate basis to offer to specific investors under the Private Placement basis i.e., Mr. Marat Sae-lim of not exceeding 118,294,177 of newly issued ordinary shares (10% of CHO’s paid-up capital) at the par value of ฿1.4297/share.
CHO will use the fund received from the capital increase to increase CHO’s financial liquidity, supporting the expansion of CHO’s main business, and as investment funds for the operation of projects.
The project that CHO aims to use the fund on are:
- E-Ticket Project with Bangkok Mass Transit Authority (BMTA), which under the contract, the Company has to deliver and install all equipment for 2,600 buses within June 2018. Expected additional funding to be used is approximately ฿500 million.
- 24-hour automotive service center for ten wheelers project which the Company plans to open eight automotive service centers within 2021 (one automotive service center has been opened in 2017). Expected preliminary funding to be used is approximately ฿100 million.
- Khon Kaen Smart City Phase 1 with Khon Kaen Transit System Co., Ltd. (under bidding process), which the Company bids for the work in relation to turnkey service, design and construction, civil work and structure work as well as the manufacturing and installation of light rail transit system for TRAM and Transit Oriented Development.