IEC buys into Bliss-Tel
Mobile-phone distributor International Engineering Plc is to buy 56 million shares in Bliss-Tel, also a handset distributor, at Bt4.50 apiece.
In addition, IEC agreed to sell 21 million IEC capital-increase shares to Bliss-Tel at Bt4.50 each."The company will pay Bt252 million to buy the 56 million shares from Bliss-Tel, said Sumit Chaemprasert, IEC executive chairman. After the share acquisition, IEC will hold a 24.35-per-cent stake in Bliss-Tel but there are no plans to delist Bliss from the stock exchange, he said. Regarding the sale of IEC capital-increase stock to Bliss-Tel, the company will sell the shares to three of the company's major stakeholders. IEC's share price yesterday closed at Bt3.32, a rise of 3.11 per cent. Bliss-Tel stock rose 2.67 per cent to Bt4.62.
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