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Sawad board okays joint investment with GSB in Fast Money
CorporateNov 18. 2020
By The Nation
Srisawad Corporation’s (Sawad) board of directors has approved joint investment with Government Savings Bank (GSB) in Fast Money (FM), the company’s wholly owned subsidiary, to operate an auto title loan business.
According to Sawad’s notification to the Stock Exchange of Thailand (SET), the GSB intends to make a joint investment with Sawad of not more than Bt1.5 billion, with Bt1.3 billion being the value of subscription for FM’s newly issued ordinary shares, and not more than Bt198.9 million being set aside to purchase FM’s existing ordinary shares.
The value of FM’s new ordinary shares and existing ordinary shares are Bt306 per share.
After the joint investment, GSB will hold no more than 49 per cent of the total shares in FM and Sawad will hold not less than 49 per cent after a raised capital fund.
“The company, GSB and FM will enter into relevant contracts or agreements setting out conditions and details of the joint investment. This investment will not cause a conflict of interest between the company and its subsidiary because the group’s companies have explicit rules for segregating businesses, as well as having appropriate and sufficient measures to prevent or diminish conflicts of interest,” Sawad said.