Superblock, Aqua Corp file plans to SET
Superblock, which manufactures and distributes autoclaved aerated concrete products in Thailand, plans to acquire a 100-per-cent equity stake in Pro Group Co, which distributes solar-generated electricity, for a total investment of about Bt325.3 million.
Meanwhile, Aqua Corporation has earmarked Bt275 million to acquire 50 per cent of Thai Consumer Distribution Center (TCDC), which leases out warehouse space.
In a filing with the Stock Exchange of Thailand, Superblock's board of directors said it had approved the acquisition by its subsidiary Super Energy Group of a 100-per-cent stake, or a total of 2.63 million common shares (at Bt100 par value each), in Pro Solar One Co from Pro Solar Group Ltd.
Pro Group provides consultancy services, acts as a construction contractor for power plants, and invests in power-generation business. The company has an electricity-generation plant in Prachin Buri. Pro Group has made considerable investments in small power producers to supply the Provincial Electricity Authority (PEA). This five-year contract, signed on September 2, 2011, is automatically renewable until the contract is terminated.
The condition for this share acquisition requires that Pro Group establish a new limited company, Pro One, with Pro Group agreeing to transfer assets (sales contract with PEA, operating licence and all other assets related to electricity generation and distribution) to Pro One. Pro Group wants to sell only the solar-energy electricity-generation business. It intends to continue its solar-plant construction and installation business.
Meanwhile, Aqua Corporation, which leases out advertising billboards, notified the SET that its board of directors had approved the 50-per-cent equity acquisition from existing holders (or 262,500 common shares at Bt100 par value each) in TCDC for an average price of Bt1,047.62 per share, totalling Bt275 million.
TCDC leases out warehouse space for consumer goods, its main client being Unilever. The acquisition by Aqua Corp would help expand the latter's revenue base into other businesses and diversify potential business risk. Aqua would also benefit from the steady cash flow of TCDC's long-term client base, as well as future financial gains if and when Aqua lists TCDC on the SET.