Nation Group (Thailand) Public Company Limited (SET: NATION) has announced that its Board of Directors meeting resolved to approve the purchase of 20,074,998 ordinary shares or 100% of the total number of shares in Thansettakij Multimedia Company Limited from News Network Corporation Public Company Limited (SET: NEWS) at the total price of up to THB 240 million.
The purchase is considered a connected transaction due to NATION and NEWS share the same major shareholder, i.e. Miss Aura-om Akrasanee, holding 10.08% and 20.03% of the total issued shares in NATION and NEWS, respectively.
Thansettakij Multimedia engages in the business of print media, television and online media, including three-day newspaper covering all types of topics, such as stock markets, economy, finances, investments, real estate, and world news; providing news through online platforms; and organizing events and seminars relating to business, economy, finances, investment, real estate, energy and environment.
NATION stated that it expected to expand its core business and supporting business of its group in both media and digital media business, which are a fast-growing industry. Moreover, the acquisition will increase efficiency in the management of costs and expenses as well as increase opportunity to generate revenues and operating results.
NATION will propose its shareholders at the meeting on December 29, 2022.