ECF Plans a Swap to Invest in “KPN Academy,” Increasing “NOP”’s Stake over 13%
ECF Plans a Swap to Invest in “KPN Academy,” Increasing “NOP”’s Stake over 15%.
ECF Plans a Swap to Invest in “KPN Academy,” Increasing “NOP”’s Stake over 15%.
23 ก.ย. 2562

East Coast Furnitech Public Company Limited (ECF) has reported that the Board of Directors’ Meeting held on September 20, 2019 had approved ECF to purchase ordinary shares of KPN Academy Company Limited (KPN Academy) in the proportion of not less than 57.52%, equal to the total number of not less than 460,182,417.60 baht.
The purchased shares will be from the existing shareholders, i.e. (1) Mr. Nop Narongdej (2) Golden Tiger Associates Ltd. (3) Mr. Nuttawut Phowborom and (4) Mrs. Sangduan Ewbamrung (collectively called Existing Shareholders)
 
In this regard, since Mr. Nop Narongdej is the beneficial owner of Golden Tiger Associates LTD., Golden Tiger Associates LTD. is considered a person under Section 258 of the Securities and Exchange Act B.E. 2535. Mr. Nop Narongdej, causing Mr. Nop Narongdej and his Person under Section 258 together holding shares in the company in the number of 173,333,334 shares, equivalent to 15.06% of the total sold shares in ECF (after the register of paid-up capital).
Moreover, ECF  is in the process of negotiating to additionally purchase the total number of shares in KPN Academy from other shareholders under the same conditions applying with the Existing Shareholders.
 
The Board of Directors Meeting had passed a resolution to approve to propose to the Extraordinary General Meeting of Shareholders No.1/2019 the increase of ECF’s registered capital from 299,111,547.00 baht to 350,172,215.50 baht by means of issuing 204,242,674 newly issued ordinary shares with a par value of ฿0.25 per share, totaling 51,060,668.50 baht.
 
The increase in capital for payment and investment in ordinary shares of KPN Academy enables the Company to hold at least 57.52% of total ordinary shares of KPN Academy and expand the investment to education business sector which increases opportunities to generate revenue and profit in the future.
Moreover, ECF can minimize risks in relying on the major income from furniture business of the Company since KPN Academy and its subsidiaries operate various businesses and have potential to grow.
KPN Academy operates online educational media business and business relating to educational guidance for preparation for higher education admission under the name “U-Sierra” for demand of high school students wishing to enhance their potential, including seeking advice on admission to higher education institutes in Thailand. KPN Academy can also apply this platform to another target group to increase in growth in revenue. Besides, KPN Academy also operates human resources training business for several organizations.