CPN announces plans to delist SF after tender offer is completed, manages to acquire 56.3% so far

By – Enquistock

Central Pattana Plc., 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. If the matter gains clarification, information shall be disclosed to the SET (Stock Exchange of Thailand),” 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 shareholder – Major Cineplex Group Plc (MAJOR), decided to dispose the shares of SF in a bid to keep its balance sheet healthy amid closure of cinemas across Thailand during the ongoing Covid-19 pandemic.

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

This brings to the total that CPN and its subsidiary – Central World, having accumulated up to 56.26% stake in SF.

Yesterday alone CPN managed to get an additional 52.15% stake in SF as MAJOR and other big shareholders divested their holdings in SF.

CPN in a statement to the SET announced that it had as of August 30th acquired 1.112 billion shares, or equal to 52.15% of the total issued and outstanding shares of SF at the purchase price of 12 baht per share for a total outlay of 13.34 billion baht.

Central World, a 100% owned subsidiary of CPN, is the company that is acquiring the assets of SF, and after the completion of shares purchase, the number of shares held by CPN, and Central World stood at 1.199 billion shares equaling 56.26% 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% 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 to the SET.


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