Siam2You shares have risen significantly, from Bt1.45 apiece at the close of trade last Thursday to Bt3.16 at the close on Tuesday - a gain of almost 118 per cent over the intervening three trading days.

In a filing yesterday with the SET, the

company said it was unaware of any reason

for its share-price movement and trading

volume during the past few days.

The company at the same time confirmed its plan to issue 446.34 million capital-increased shares to a group of investors through a private placement at a price of Bt1 each, subject to approval from the Securities and Exchange Commission.

The group comprises Nezu Capital, Sphinx Capital, Kudu, Simon Gerovich and MR Assets.

If the recapitalisation plan receives approval from the securities watchdog, investors will be required to launch a tender offer for the remaining shares at a price of Bt1.50 each from minor shareholders.

The company's registered capital will be raised from Bt40.93 million to Bt487.27 million after the share allocation.

As part of Siam2You's plan to shift its core business from technology to property development, proceeds from the allocation will be used to acquire assets and controlling stakes in many companies owned by the five investors who will acquire the company's shares.

Siam2You said in yesterday's filing that

the asset acquisition was subject to

approval from shareholders, who will meet

on April 9.

"The company is also obliged to submit a filing for a new listing application with the SET, as such transactions are considered a Type 4 transaction (backdoor listing) under the regulations of the SET," the filing said.

The Nation