East Coast Furnitech Public Company Limited (SET: ECF) has revealed that its board of directors has approved a reduction in the company’s registered capital by THB 2,517.75 from the previous registered capital of THB 359,814,618. This reduction comes from the cancellation of 10,071 shares that have not been issued.
The company continues to retain 479,742,753 unissued ordinary shares which were allocated to accommodate the exercise of the Warrants to purchase ordinary shares of East Coast Furnitech Public Company Limited No. 5 (ECF-W5).
Additionally, the board approved increasing the company’s registered capital by THB 75,000,000, bringing the new registered capital to THB 434,812,100.25. This increment involves issuing up to 300,000,000 new common shares with a par value of THB 0.25 each, accounting for 23.82% of the total number of issued and sold shares of the company. This increase in capital is to support the issuance and offering of newly issued common shares to specific investors (Private Placement).
The proposed investors include three entities: (1) Advance Opportunities Fund (AO Fund), (2) Advance Opportunities Fund 1 (AO Fund 1), and (3) Advance Opportunities Fund VCC (AOF VCC). These three investors are interrelated and considered as one group for this placement. The offering price has not yet been determined.
The company expects to raise no less than THB 75 million from this capital increase, which will be used as working capital and to enhance the company’s financial liquidity.
The Extraordinary General Meeting of Shareholders No. 1/2025 is scheduled for March 5, 2025, at 10:00 AM, to be conducted electronically. The record date for shareholders entitled to attend the meeting is set for February 10, 2025.
