CPN announces plans to delist SF after tender offer is completed

Central Pattana (CPN), Thailand’s largest shopping mall operator, has come out to say that it was looking to delist the smaller community mall operator — Siam Future Development Plc (SF) — after the company completes its tender offer process.

“After the tender offer, the company has a plan to delist SF from being a listed company in the SET (Stock Exchange of Thailand). If the matter gains clarification, the information shall be disclosed to the SET,” CPN said in a statement to the SET.

SF, which operates as many as 18 community malls, has been sold to CPN and its subsidiaries after one of SF’s largest shareholders — Major Cineplex Group Plc (MAJOR) — decided to dispose of the shares of SF in a bid to keep its balance sheet healthy amid the closure of cinemas across Thailand during the ongoing Covid-19 pandemic.

MAJOR also announced yesterday that it had executed a sale and purchase agreement for 647.16 million shares representing 30.36 per cent of the total shares issued to SF to Central World for a total of 7.76 billion baht.

Thus, CPN, and its subsidiary, Central World, have accumulated a stake of 56.26 per cent in SF.

Just yesterday, CPN managed to acquire an additional 52.15 per cent of shares in SF from MAJOR.

In a statement to the SET, CPN announced that it had acquired 1.112 billion shares, or 52.15 per cent of the total outstanding shares of SF, for a total outlay of 13.34 billion baht on August 30.

After the completion of SF’s assets acquisition by Central World, a 100 per cent owned subsidiary of CPN, the number of shares held by CPN and Central World stood at 1.199 billion shares equaling 56.26 per cent of the total issued and outstanding shares of SF.

“Therefore, Central World is required to make a tender offer for the remaining shares in SF with the amount of 932.55 million shares (equal to 43.74 per cent of the total issued and outstanding shares of SF) in accordance with the rules and conditions prescribed in the Notification of the Capital Market Supervisory Board,” CPN said in a statement.

Photo via CPN

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