JMT Network Services Public Company Limited (SET: JMT) announced that the Board of Directors Meeting held on December 21, 2021, resolved to approve in principle the joint venture with a company in the financial conglomerate of Kasikornbank Public Company Limited (SET: KBANK) through a subsidiary of KBANK by establishment of joint venture companies to operate 2 types of business, which are debt collection business and asset management business, with the following preliminary details for joint venture:
The details regarding the establishment of such joint venture companies may be subject to changes depending on the policy, the discussion with and approval from the Bank of Thailand and other authorities, including negotiating and entering into a joint venture agreement with KBANK’s subsidiary during the later stage. JMT expects to complete the registration of the establishment of both joint venture companies by the first quarter of 2022.
Such a transaction is not considered a connected transaction and at this stage, the approval is only an approval in principle for entering into joint venture negotiations. Once JMT enters into a joint venture agreement, JMT will comply with the Notification of the Capital Market Supervisory Board No. TorJor. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets (as amended) and the Stock Exchange of Thailand’s Board of Governors Notification Re: Disclosure of Information and Practices of Listed Companies Concerning Asset Acquisition or Disposition B.E. 2547 (as amended) including other relevant rules.
If there is any further progress on this, JMT will disclose the relevant information to the Stock Exchange of Thailand.