NMG becomes ‘Nation Group’ under plan for media expansion
Shareholders of Nation Multimedia Group Plc (NMG) have voted in favour of a proposal to change the company’s name to Nation Group (Thailand) Plc (NATION).
Chief executive officer Shine Bunnag has said a meeting on Friday saw shareholders unanimously approve the change of name, which will facilitate the company’s business restructuring plan under the “One Nation” policy.
“Nation Group is moving forward into the new landscape of the future while maintaining its role as an impartial and socially responsible media operation,” he said.
“The One Nation policy will combine our strengths and create a business synergy between eight media outlets under Nation Group, namely Krungthep Turakij, Kom Chad Luek, Nation Thai News, Nation TV 22, The Nation Thailand, The People, Khob Sanam, and Spring Online.”
Nation Group had earned the public’s trust as a fixture of Thailand’s media scene for the past 51 years, recognised for its commitment to the nation and its people, added Shine. “With the implementation of this policy, Nation Group will emerge with a strong financial status and cashflow, all set for future business expansion,” he said.
“We expect the new business structure to be completed within May.”
On Friday, NMG shareholders also voted to approve the purchase of 85.99 million shares of NBC Next Vision Ltd (NNV), or 99.99 per cent of its registered capital worth Bt239.72 million. Meanwhile they approved a Bt221.3 million loan for NNV to settle a debt with its parent, Nation Broadcasting Corporation Plc (NBC).
NMG shareholders also voted to sell 691 million shares or 61 per cent of NBC to Boonuea Chitthanom and Natthaphong Sitaworarat at Bt1.30 per share in a deal worth Bt898.3 million. Boonuea and Natthaphong are major shareholders of One to One Contacts Plc.
Both deals are expected to be completed before the end of July.