Thai Nondestructive Testing Public Company Limited announced that it expects to receive THB 100 million in funding from ZICO Asset Management Pte. Ltd., Advance Capital Partners Asset Management Private Limited
February 27, 2021
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Thai Nondestructive Testing Public Company Limited (SET:TNDT) announced a private placement with new investors Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd. for placement of senior unsecured convertible debentures not exceeding THB 100,000,000 on February 27, 2021. The debentures may be issued in 20 sub-tranches equally at THB 5,000,000 per sub-tranche. The issuance of the convertible debentures is subject to the including the approval from the Securities and Exchange Commission and other relevant authorities. The timeframe of the issuance of convertible debentures is 1 year after shareholder’s meeting of the company approved the issuance of convertible debentures. The debentures will have an interest rate of 2% per annum, provided that the interest will be paid on a quarterly basis and maturity period will be 3 years from issuance of each tranche and will be repaid in lump sum after the due date of each tranche according to the term and condition of the convertible debentures of each tranche. The holders of the convertible debentures may or may not have rights to redeem the convertible debentures before due date and/or the issuer of the convertible debentures and may exercise the rights of conversion of the convertible debentures into the company’s until the close of business on the date falling 7 days prior to the maturity date of the convertible debentures and will be transfer restriction which is limited to the transfer of the convertible debentures to no more than 10 specific investors within four-month period. The conversion price of the convertible debentures shall not be lower than 90% of the market price which shall be calculated from the weighted average price of the company’s shares trading on the Stock exchange of Thailand for the past 7 consecutive business days but not more than 15 consecutive business day prior to the date that the holder of the convertible debentures exercises their conversion right. The transaction is subject to shareholders approval which will take place on April 26, 2021. The company will reserve 83,520,775 shares for conversion of debentures and will arrange to list the ordinary shares issued after the conversion of the convertible debentures on the Market for Alternative Investment or other stock exchange where the shares of the company is a listed security at that time.
Thai Nondestructive Testing Public Company Limited is a Thailand-based technical service company engaged in rendering nondestructive engineering services. Its segments include nondestructive testing services, inspection services for pressure vessels, Electron Beam, Sale solar-power electricity and Contractor service relating to solar PV rooftop system. It is operating engineering safety inspection, testing and certifying critical equipment in the industrial sector by using non-destructive techniques (Non - destructive Testing - NDT). Its NDT services include conventional and advanced testing services. Its conventional NDT services include eddy current testing, magnetic particle testing, coating holiday detector, visual inspection, ultrasonic testing, leak testing, alternative current field measurement, and thermography image. Its advanced NDT services include column scanning, neutron backscattering, acoustic emission testing, advanced ultrasonic testing, and computerized radiography.
Thai Nondestructive Testing Public Company Limited announced that it expects to receive THB 100 million in funding from ZICO Asset Management Pte. Ltd., Advance Capital Partners Asset Management Private Limited