SAWAD Completes the Transaction with GSB for “FM” to Operate Auto Title Loans Business

Srisawad Corporation Public Company Limited (SAWAD) announced the joint investment between the company and Government Savings Bank (GSB) in Fast Money Co., Ltd. (FM) to operate the business of auto title loans for quality and low-risk customers has been successful.

 

The business operated by FM will have an interest at the rate of up to 18% per annum, which may be reasonable raised in line with FM’s business operation, with joint investment value by GSB of no more than 1,500,000,000 baht (whereby the value of a subscription to the newly issued ordinary shares in FM will not exceed 1,300,500,000 baht and the value of the purchase of existing ordinary shares in FM from SAWAD will not exceed 198,900,000 baht, and the value of the newly issued ordinary shares and existing ordinary shares is 306 baht per share).

 

SAWAD will jointly invest in FM whereby the value of a subscription to the newly issued ordinary shares in FM will not exceed Baht 1,300,500,000 and the value of the newly issued ordinary shares is Baht 306 per share. After the joint investment, GSB will hold no more than 49 percent of total shares in FM, and the company will hold no less than 49 percent of the total shares in FM. The managing director or persons assigned by the managing director were authorized to take any necessary or appropriate actions in order to accomplish the transaction.