Chiangmai Rimdoi Public Company Limited agreed to acquire 70% stake in CRC Environmental Cure Company Limited from a group of investors for THB 23.1 million.
January 08, 2021
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Chiangmai Rimdoi Public Company Limited (SET:CRD) agreed to acquire 70% stake in CRC Environmental Cure Company Limited from a group of investors for THB 23.1 million on November 12, 2020. Chiangmai Rimdoi Public Company Limited (SET:CRD) signed a contract to acquire 70% stake in CRC Environmental Cure Company Limited from a group of investors for THB 23.1 million on November 30, 2020. Under the terms of the transaction, Chiangmai Rimdoi Public Company Limited will acquire 0.007 million shares for THB 3300 per share in cash. The payment will be made in 4 tranches. The first tranche of THB 9.24 million or 40% of the total purchase value is made within 30 days from the day of the completion of the share purchase; second tranche of THB 4.62 million or 20% of the total purchase value is made on December 30, 2021; third tranche of THB 4.62 million or 20% of the total purchase value is made on December 30, 2022 and fourth tranche (final tranche) of THB 4.62 million or 20% of the total purchase value is made on December 30, 2023.
Post-closing, CRC Environmental Cure Company Limited will become a subsidiary of Chiangmai Rimdoi Public Company Limited. Kan Apinyawatcharakul and Taweesak Nimapan will not sell their stake and retain their 20% and 10% stakes respectively. As of September 30, 2020, CRC Environmental Cure Company Limited had total assets of THB 48.78 million and shareholders’ equity of THB 42.91 million.
The transaction is subject to approval by the relevant regulatory authority and approval from shareholders of Chiangmai Rimdoi Public Company Limited in a meeting scheduled on January 29, 2021. On November 12, 2020, the transaction was approved by the Board of Directors of Chiangmai Rimdoi Public Company Limited. As of January 29, 2021 Chiangmai Rimdoi Public Company Limited shareholders have approved the transaction with not less than three-forth (3/4) of the total vote of the shareholders. Chiangmai Rimdoi Public Company Limited will complete the transaction by February 1, 2021. Beyond Advisor Co., Ltd acted as the financial advisor for Chiangmai Rimdoi Public Company Limited.
Chiangmai Rimdoi Public Company Limited is a Thailand-based company. The Companyâs business consists of construction services and solid waste disposal service. It operates in the field of general building contractors, such as factory, infrastructure system, inventory buildings, hotels, resorts, hospitals, condominiums, wastewater treatment systems, plumbing systems, electrical systems, hydroelectricity projects, and other types of civil work. The Companyâs projects include general construction service and infrastructure service. Its projects include The Astra Condominium, Northern Science Park, Student dormitory building Chiang Mai University, Rapee Hotel Chiangmai, The Next 1 Condominium Ornsirin, North 8 Land and House, Hug Nimman Chiang Mai, Big Tree Boutique Hotel, and 9-storey Parking Building. Its ongoing projects include Astra Sky River Condo Work, Atlanta Medicare Institute, New Mineral Water Plant, Dental Building, and Power Plant Building Canal Delivery System.
Chiangmai Rimdoi Public Company Limited agreed to acquire 70% stake in CRC Environmental Cure Company Limited from a group of investors for THB 23.1 million.
CHIANGMAI RIMDOI 
