MAJOR’s Boards Approve Disposition of SF to CPN for Financial Flexibility and Expansions
As reported earlier by "Kaohoon Online," MAJOR and CPN came to an agreement on SF deal for 7.7 billion baht.
As reported earlier by "Kaohoon Online," MAJOR and CPN came to an agreement on SF deal for 7.7 billion baht.
6 ก.ค. 2564

Central Pattana Public Company Limited (CPN) announced that the Board of Directors meeting approved the purchase of all SF’s shares from MAJOR and to make a tender offer afterward.
 
Following earlier report from “Kaohoon Online,” regarding CPN eyeing to takeover SF by purchasing shares from the latter’s major shareholder, MAJOR, on July 5, 2021, the Board of Directors of CPN approved the company and/or its subsidiary to purchase the common shares in Siam Future Development Public Company Limited (SF) from Major Cineplex Group Company Limited (MAJOR) with a total amount of 647,158,471 shares or equal to 30.36% of the total issued and outstanding shares of SF at the purchase price of THB 12.00 per share, in the total amount of THB 7,765,901,652.
After the completion of the Transaction, CPN is required to make a tender offer for the remaining shares in SF at the same price as that of the purchase price of THB 12.00 per share as specified in the sales purchase agreement, in an approximate amount of THB 17,817 million.
 
CPN stated that the transaction will strengthen the financial capacity and expand the cash flow base of the company, thereby boosting sustainable returns for the benefit of shareholders for a long-term period.
Moreover, SF’s experience and expertise will reinforce CPN’s competitiveness and support its investment in other projects, which will significantly enhance the growth rate and operating results.
 
On the same day, the Board of Directors of MAJOR also approved the disposition of SF in the amount of 647,158,471 shares or representing 30.36 percent of the total issued shares to CPN.
MAJOR expected to realize post-tax gain from sale of SF shares of approximate THB 2,824 million, while improving the company’s performance due to lower finance costs as a result of partial debt repayment funded by the proceeds from this Transaction.
Moreover, MAJOR would have a lower debt to equity ratio,in accordance with partial debt repayment, resulting in better financial flexibility, which will help support business expansion including any business opportunities in the future.
MAJOR will hold the Extraordinary General Meeting of Shareholders No. 1/2021 on Friday, 27 August 2021 at 10.00 hrs. to gain approval from shareholders.