Star Universal Network Public Company Limited (SET:STAR) agreed to acquire a 40% stake in Sitthi International Company Limited from Khamsone Sitthixay and Chanthone Sitthixay for approximately THB 150 million on December 4, 2020. As a part of transaction, STAR will acquire 0.2 million shares in SITTHI at a price of approximately THB 700 per share. As a part of consideration, STAR will issue new ordinary shares via capital increase for offering through Private Placement to sellers not exceed of 70 million shares, at a price of approximately THB 2 per share. The payment for new shares will be made by Share Swap with an exchange rate equal to 1 share of SITTHI per 350 newly issued shares of STAR. Seller agrees to proceed with the Prohibiting the Sales of Shares Rules (Silent Period) by not selling the newly issued ordinary shares within 3 years from the commencement date that the newly issued ordinary shares has been sold in the MAI. Post issuance of new shares to sellers, sellers will hold approximately 20.5% of the registered and paid-up capital of STAR. Pre transaction, Phanu Nalinnoppakun, Khamsone Sitthixay and Chanthone Sitthixay holds 0.26 million shares, representing 52% stake; 0.12 million shares, representing 24% stake and 0.12 million shares, representing 24% stake in SITTHI, respectively. Upon the completion of the share purchase transaction, STAR has the right to appoint 2 representatives as the directors in SITTHI from the total number of 5 directors in SITTHI. Sellers agrees not to assign any person to take a position as director and/or executive of STAR. Transaction and issuance of new shares are pending approval of shareholders of STAR (the resolution must be passed by an affirmative vote of no less than three-fourths of the total number of votes of shareholders attending the meeting and entitled to vote), the approval from the office of the Securities and Exchange Commission, STAR and SITTHI must enter into the share purchase agreement and other customary closing conditions. Transaction has been approved by the board of directors of STAR. The extraordinary general meeting of shareholders is expected to be held on January 28, 2021. As of January 28, 2021, the shareholders of Star Universal Network Public Company Limited approved the transaction. As per the update filed on December 18. 2020, the agreement is expected to be signed by January 2021. Advance Capital Services Company Limited acted as financial advisor to STAR.