Sansiri Public Company Limited (SET: SIRI) has announced that it sold 20 million token of SiriHub series A at a par value for 200 million baht.
SARI announced that on June 28, 2023, the company entered into a disposal of the digital asset (SiriHub A digital investment token issued by SPV77 Company Limited), which was held by the company in the number of 20,000,000 tokens (SiriHub A digital token), to Mr. Techatut Sukjaroenkraisri, who is not a related person, at an offer price of THB 10 per token (par value). The total value of the transaction was THB 200,000,000.
SIRI launched the SiriHub token in 2021, divided into two tranches. SiriHub A offers 4.5% of revenue sharing per year, while SiriHub B offers 8% with some other conditions at the end of its 4-year project. Both tokens were offered at a price of THB 10 per token in which all were fully subscribed, resulting in a THB 2,400 million of funds raised to SIRI.
Even though the company sold 20 million tokens of SiriHub A at a par value of THB 10.00 per token, it was still higher than the current trading price of the token at THB 9.18 on June 28, 2023, according to the official data published on ERX.
The token has been trading lower than its offered price in the last 31 days at an average of THB 9.253 per token. Historic data beyond June 2023 are unviewable.
SPV77 recently published the second revenue sharing payment result of 2023 at the amount of THB 0.11249 per token for SiriHub A and THB 0.20000 per token for SiriHub B with a record date on June 30, 2023, and a payment date on July 5, 2023. Which means that the ex-dividend date is on June 29, 2023. If the transaction was settled on June 28 as announced by SIRI, the company would lose about THB 2.25 million, a small amount for a company with a size of SIRI that would not be noticeable in the financial report.
It can be said that SIRI was willing to leave the revenue sharing payment behind to sell at a higher price. Meanwhile, Mr. Techatut was willing to purchase the token at a higher price for the revenue sharing payment coming this July. Moreover, the turnover of SiriHub Token may not be widely traded among holders, to acquire the token at this amount from general token holders could be harder than acquiring from a major holder.
The company added that the gain on an investment in SiriHub A digital token is appropriate under the investment principles, conditions, and budget framework determined by the Board of Directors, which has delegated the power to the Chief Executive Officer and the President to consider and make a final decision on this matter.
Still, it raised questions in the market as to why SIRI has been disposing one after another of its assets as of late. It could be for an investment or business enhancement to achieve its 2023 target of THB 40 billion in revenue and a record high of net profit from THB 4.2 million made last year.
