Superblock Public Company Limited (SET:SUPER) agreed to acquire 99.99% stake in Root Farms Company Limited from Aniruj Dujjanuthas for approximately THB 180 million in cash on August 14, 2013. Superblock Public Company Limited (SET:SUPER) signed a memorandum of understanding to acquire 99.99% stake in Root Farms Company Limited from Aniruj Dujjanuthas on September 13, 2013. As per the terms of the memorandum, Superblock Public Company will acquire 1.069 million shares from Aniruj Dujjanuthas. If Aniruj Dujjanuthas cannot transfer the shares to be purchased, Superblock Public company limited can sue Aniruj Dujjanuthas for damages worth twice the transaction amount or to force them to transfer the shares. An amount of THB 28 million has been paid at the signing of the memorandum. The deal will be funded from cash in hand and loans, if any. Following the completion of the deal, Superblock Public Company will hold 1.06 million shares representing 99.99% stake and 2 other shareholders of Root Farms Company will hold 2 shares of Root Farms Company.

Root Farms Company Limited had revenues of THB 0.04 million, net assets of THB 16.97 million, total assets of THB 16.97 million, EBIT of THB 0.04 million and net income of THB 0.04 million for the year ended December 31, 2012. The acquisition is subject to approval of Board of Directors and shareholders of Superblock and consummation of due diligence investigation of Root Farms Company. The Board of Directors of Superblock Public Company resolved the deal on August 14, 2013 and approved the deal on November 14, 2013. The purchase and sale agreement will be signed before November 30, 2013. The deal is expected to complete on or before December 31, 2013.

Superblock Public Company Limited (SET:SUPER) completed the acquisition of 99.99% stake in Root Farms Company Limited from Aniruj Dujjanuthas on January 2, 2014.