Property company Noble Development on Tuesday informed the Stock Exchange of Thailand about a significant change in its major shareholders’ structure.
In the morning, the company was notified that chairman Kitti Thanakitamnuay had purchased 120,088,798 ordinary shares in Noble, representing 26.31 per cent of the total issued shares, from shareholders.
This raised Kitti stake in the listed developer from 7.96 per cent to 34.27 per cent.
The same day, nCrowne Pte Ltd, a company in which shares are held by the directors and executives of Noble, purchased 104,200,000 ordinary shares in Noble, representing 22.83 per cent of the total issued shares, from Stephane Michel Rosales Sedano.
These caused Sedano to be removed from the shareholders of Noble, with Kitti and nCrowne having now become the major shareholders of the company.
According to Noble, Kitti and nCrowne are parties acting in concert pursuant to Thai securities law.
However, the change of the major shareholders’ structure has no impact on Noble’s administration and management structure, the developer told the stock exchange.
Due to these transactions, Kitti and nCrowne are now obliged to make a tender offer for all remaining securities in the company.
Both Kitti and nCrowne on Tuesday submitted their intention to Noble to make such an offer on Noble’s remaining shares at the expected price of Bt12.25 per share.
They are expected to file the official tender offer within June 21.