Principal Capital Public Company Limited (SET: PRINC) has informed the Stock Exchange of Thailand (SET) that the Share Purchase Agreement with MY Hospital Company Limited has been canceled.
During PRINC’s Board of Directors’ Meeting No. 5/2024, the board has approved Principal Healthcare Company Limited (PRINH), a subsidiary of the company, to enter into the Share Purchase Agreement with MY Hospital Company Limited for the purchase of ordinary shares and the transfer of loan liabilities and interest of 4 subsidiaries operating 3 private hospitals.
The agreement required the seller to fulfill certain conditions precedent prior to the completion of the transaction, which the Company expected the Seller to complete by the 3rd quarter of 2024, as previously disclosed to the SET on the 10th May 2024.
The cancellation is due to the conditions precedent not being fully fulfilled within the specified timeframe as outlined in the Share Purchase Agreement. Consequently, the purchaser and the seller will proceed in accordance with the Share Purchase Agreement to revert to the original status of the parties.
In this regard, the termination of the Share Purchase Agreement will not have any impact on the Company’s financial statements for the current year.
My Hospital Company Limited is a subsidiary under Everland Public Company Limited (SET: EVER), and has entered into a contract with PRINH for selling of common shares and creditor rights of companies in EVER’s hospital business group, including Chiangmai Raj Hospital Co., Ltd. (CMR), Unicon Service Co., Ltd. (UNICON), Korat Medical Group Co., Ltd. (KMG) and Phitsanulok Inter Vejchakan Co., Ltd. (PIV).
According to the disclosure by PRINC in May, the total investment value for the transaction is approximately 700,000,000 Baht, consisting of;
- Share of Chiangmai Raj Hospital Co., Ltd. (“CMR”) and Unicon Services Co.,Ltd. (“UNICON”) percentage of 100 percent and debt liabilities, Total value not exceed 289,813,110 Baht.
- Share of Korat Medical Group Co., Ltd. (“KMG”) percentage of 83.90 percent and debt liabilities, Total value not exceed 172,842,533 Baht.
- Share of Phitsanulok Inter Vejchakan Co., Ltd. (“PM”) percentage of 53.96 percent and debt liabilities, Total value not exceed 237,344,357 Baht.
