Sabuy Technology Public Company Limited (SET: SABUY) has announced the cancellation of its Extraordinary General Meeting of Shareholders scheduled for June 24, 2024, to consider and approve the issued and offered for sale, following the cancellation of private placement for capital increase.
The company stated that due to the current market conditions being volatile, which results in the company’s stock price has continuously decreased over the past period and significantly affects the appropriateness of the offering price of new ordinary shares to a limited number of persons, notable those in the private placement proposal.
On June 18, 2024, SABUY stated that it was informed by a limited number of persons, namely Lightnet Pte. Ltd. (Lightnet) and Mr. Arnonchai Veerapravati, including Hiwell Global Co., Ltd., that the said private placement intends to cancel the investment according to the original capital increase plan due to the fluctuation of market conditions.
SABUY added that it will continue to move forward in finding potential partners to invest in the company.
In April, SABUY announced that during the board meeting, a resolution was passed to propose at the Extraordinary General Meeting of Shareholders to consider approving an increase in the company’s registered capital by up to 2,510,000,000 Baht from the original registered capital of 2,061,370,366 Baht.
The company stated that it was seeking a strategic shareholder to increase its liquidity.
SABUY plans to issue a private placement at a price of 2.30 Baht per share, with 1,200,000,000 additional common shares allocated to Lightnet Pte. Ltd and 100,000,000 additional common shares allocated to Mr. Anonchai Veeraprawat, who currently holds the second-largest stake of SABUY at 8.10%.
Lightnet Pte. Ltd. is a financial technology company based in Singapore with licenses to operate in several countries worldwide, focusing on providing cross-border payment and money transfer services.
As of February 28, 2024, significant shareholders of Lightnet include Mr. Chatchaval Jiaravanon and Mr. Tridbodi Arunanondchai, holding 69.54% and 12.09% of Lightnet, respectively.
