Sabuy Technology Public Company Limited (SET: SABUY) has announced a capital increase by offering newly issued shares through private placement to three entities.
SABUY disclosed that the board of directors approved to propose to the Extraordinary General Meeting of Shareholders No. 1/2024 to consider and approve a capital reduction of not more than 76,233,985 baht from the original registered capital of 2,108,310,691 baht is the new registered capital. 2,032,076,706 baht by eliminating 76,233,985 additional common shares with a par value of 1 baht per share because they are shares allocated to support the conversion of SABUY-W1 SABUY-WA and SABUY-WB whose exercise of rights has expired and SABUY-WC. that were canceled and not allocated (Details appear in the capital increase report form (F53-4) (Attachment 2) and the amendment to the memorandum of association to be consistent with the reduction of the company’s registered capital.
Afterward, the board meeting resolved to propose an increase in the registered capital of the company in an amount not exceeding 2,547,000,000 baht from the original registered capital of 2,032,076,706 baht to the new registered capital. 4,579,076,706 baht by issuing new ordinary shares not exceeding 2,547,000,000 shares by the allocation of common shares by 500,000,000 additional common shares given to Ms. Katesara (b) 700,000,000 additional common shares given to AJA (c) 360,000,000 additional common shares to Holding L and (d) additional common shares in the amount of 50,000,000 shares to Mr. Waris with a par value of THB1.00 per share.
The Board of Directors’ meeting resolved to approve the proposal to the Extraordinary General Meeting of Shareholders No. 1/2024 to consider approving the issuance and offering of warrants to purchase additional ordinary shares of the Company No. 3 (SABUY-W3) 4th time (SABUY-W4) and 5th time (SABUY-W5) (collectively called “Warrants”) in the amount of 1,210,000,000 units without charge. (The offering price per unit is equal to 0 baht), which is calculated as ordinary shares allocated to support the exercise of rights not exceeding 850,000,000 shares and there is an exercise ratio of 1 unit of warrant per 1 common share. The warrant will be valid for 2 years from the date the warrant is issued. and has an exercise price of 1.20 baht per share (“SABUY-Warrant”). The names of investors and details regarding the allocation of warrants are as follows:
1) Miss Kessara Lothongka in the amount of 250,000,000 units.
2) Mr. Waris Yongsakul in the amount of 50,000,000 units.
3) Mr. Chatchawal Chearavanont in the amount of 550,000,000 units.
Also, SABUY will propose to the shareholders meeting to consider the purchase of ordinary shares of Lockbox Group Company Limited (“LOCKBOX”), an amount not exceeding 30,000 shares, or equivalent to 80.0 percent of the registered capital. and investing in common shares in Lockbox Venture Company Limited (“LOCKVENT”), an amount not exceeding 50,000 shares, or equivalent to 80.0 percent of the registered capital. The company will pay compensation in an amount not exceeding 360,000,000 baht with additional ordinary shares of the company, not exceeding 360,000,000 shares, with a par value of 1 baht per share, at an offering price of THB1.00 per share to Holding L.
Additionally, the company wants the shareholders to acknowledge the Forced sale of 34,858,700 SBNEXT shares and 49,774,264 AS shares, totaling 296,295,166 baht, in order to reduce the company’s debt burden. Because the company, SBNEXT and AS shares have been placed as collateral in a margin loan account with a securities company.
The Board approved to call the Extraordinary General Meeting of Shareholders No. 1/2024 in the form of only one electronic meeting format (E-EGM). The meeting date is set for 21 August 2024.
SABUY expected these moves to strengthen and stabilize the company’s financial position and also help enhance financial liquidity for the company.
