AEC Securities Public Company Limited (SET:AEC) agreed to acquire 9.9% stake in Coverant Co., Ltd. for approximately THB 60 million on October 7, 2020. As per terms of transaction, AEC Securities Public Company Limited will acquire 1 million shares of Coverant Co., Ltd. at THB 55 per share. Post completion, the existing shareholder of Coverant Co., Ltd. will hold 89.403% stake, other shareholder will hold 0.68% stake and AEC will hold 9.917% stake. In a related transaction, AEC Securities agreed to acquire Thai Smile Bus Co., Ltd. for THB 120 million. Transaction will be financed from the issuance of newly issued shares of AEC Securities and working capital of AEC Securities. As of June 2020, Coverant reported total assets of THB 626.21 million and total shareholders’ equity of THB 142.18 million. Transaction is approved by the board of AEC Securities Public Company Limited. Transaction is expected to complete in end of October 2020.