The share price of Advanced Info Service Public Company Limited (SET: ADVANC) edged higher after the opening bell while JAS and JASIF are facing a selloff following the acquisition by ADVANC this morning.
As of 10:15 local time in Thailand on July 4, 2022, the share price of ADVANC rose 2.78% to trade at THB203 per share. Meanwhile, Jasmine International Public Company Limited (SET: JAS) fell 5.56% to THB3.40 per share and Jasmine Broadband Internet Infrastructure Fund (SET: JASIF) dropped 4.74% to THB9.05 per share.
Earlier this morning, ADVANC has announced that it will acquire 99.87% stake in Triple T Broadband Public Company Limited (TTTBB) from JAS and 19.00% stake in JASIF from JAS as well in a total investment amount of 32,420 million baht.
The acquisition is to grow the broadband business and effectively develop the nation’s fiber infrastructure.
Mr. Ekpawin Suntarapichard, investment strategist of the Siam Commercial Bank Securities (SCBS), through “Kaohoon Jor Talad Program” on July 4, 2022, stated that ADVANC should be benefiting from this acquisition as the company would strengthen its broadband business to compete with True Corporation Public Company Limited (SET: TRUE). Meanwhile, JASIF should have a short-term negative impact due to the acquisition price of ADVANC being lower than the trading price in the market. As for JAS, Mr. Suntarapichard speculated that there could be a special dividend from the disposal of JASIF.