Sabuy Technology Public Company Limited (SET: SABUY) is pleased to announce an upcoming capital increase through a private placement of newly issued shares to three entities. The primary objective of this move is to fortify and stabilize the company’s financial position, as well as to enhance financial liquidity.
The board of directors has sanctioned a proposal for a capital reduction of up to 76,233,985 baht from the original registered capital of 2,108,310,691 baht, resulting in a new registered capital of 2,032,076,706 baht. This reduction will entail the elimination of 76,233,985 additional common shares with a par value of 1 baht per share, which were initially allocated to support the conversion of certain shares that have expired or been canceled. The amendment to the memorandum of association will be aligned with the reduction of the company’s registered capital.
In addition, the board has laid out a proposal to increase the company’s registered capital by issuing new ordinary shares, not exceeding 2,547,000,000 shares. These shares will be allocated to various entities and individuals, with a par value of THB1.00 per share.
Furthermore, the Board of Directors has proposed the issuance and offering of warrants to purchase additional ordinary shares of the Company at the Extraordinary General Meeting of Shareholders No. 1/2024. These warrants, also known as “SABUY-Warrants,” will be offered without charge and will be valid for 2 years, with an exercise price of 1.20 baht per share.
Sabuy also intends to propose the purchase of ordinary shares of Lockbox Group Company Limited and investment in common shares in Lockbox Venture Company Limited, with the company paying compensation in the form of additional ordinary shares of the company.
The company also aims to address the forced sale of certain shares to reduce the company’s debt burden. The meeting to discuss these proposals is scheduled for 21 August 2024, to be conducted in an electronic meeting format.
Sabuy Technology is confident that these strategic moves will not only strengthen and stabilize the company’s financial position but also enhance financial liquidity, paving the way for future growth and success. The company is optimistic that these initiatives will further solidify its position as a key player in the technology sector.
As the company continues to make significant strides in achieving its strategic objectives, these recent developments mark yet another positive step towards driving long-term value creation for its shareholders and stakeholders. Gearing up for the future, Sabuy Technology remains steadfast in its commitment to delivering sustainable and profitable growth.