OCEAN Approves to Study Due Diligence on a Property Development with ฿50M Cash Deposit

Ocean Commerce Public Company Limited (OCEAN) has agreed to study the potential investment and conduct a due diligence investigation on a property development company (Due Diligence) which expects to be completed by August 2019. If OCEAN is satisfied with the result of financial, accounting and legal due diligence, the company will further negotiate a share sale and purchase agreement.

Moreover, OCEAN has executed a Memorandum of Understanding for the purchase of shares of a property development company (MOU). According to the MOU, OCEAN shall make a refundable deposit in the total amount of THB50 million on the execution date of the MOU. The deposit will be deemed as a payment for the shares to be purchased. In addition, if OCEAN is not satisfied with the results of the Due Diligence or OCEAN is unable to purchase the shares of a property development company for any reason, OCEAN shall receive the return of such deposit in full.

The foregoing transaction remains uncertain since the terms and conditions contained in the MOU are not yet final and may be amended, subject to the result of the Due Diligence and the negotiations between the parties. However, if OCEAN is satisfied with the results of the Due Diligence, OCEAN will further propose the foregoing matter to the Board of Directors’ Meeting of the Company for approval for the purpose of shares of a property development company.