The Siam Commercial Bank Public Company Limited (SCB) has announced that the meeting of the board of directors of SCB Securities Co., Ltd. (SCBS) No. 13/2021, convened on 2 November 2021, has passed a resolution approving SCBS, a subsidiary of SCB, to enter into the share purchase agreement for the acquisition of shares in Bitkub Online Co., Ltd. (Bitkub) from Bitkub Capital Group Holdings Co., Ltd. (the Seller), in the proportion representing 51% of the total shares in Bitkub, at the total value of approximately THB 17,850 million (collectively, the Transaction).
The Transaction will be subject to compliance with rules and regulations of the relevant regulatory authorities, such as SCB of Thailand and the Office of the Securities and Exchange Commission, and will be conditional upon the satisfaction in material respects with the results of the due diligence and the parties’ fulfillment of all conditions specified in the share purchase agreement. The Transaction is expected to be completed by the first quarter of 2022.
Bitkub is a business operator providing digital asset exchange services as licensed by the Office of the Securities and Exchange Commission (SEC) and a leading digital asset exchange in Thailand. For the period of Jan – Sep 2021, Bitkub reported a total trading volume of the digital assets of approximately THB 1.03 trillion to the SEC, representing a market share of approximately 92 percent. For the same period, Bitkub had total revenue of THB 3,279 million and net profit of THB 1,533 million.
The investment in Bitkub is based on the recognition of significant growth opportunities in the digital asset business and will enable SCBS as a major shareholder to further develop digital asset ecosystem in Thailand.