Sabuy Technology Public Company Limited (SET: SABUY) has announced that the Board of Directors had made an approval for the investment in a new joint venture in Malaysia and in RS Public Company Limited (SET: RS).
The Board of Directors approved the investment by Sabuy Speed Company Limited (SABUY SPEED), a subsidiary of the company with 80 percent shareholding percentage, in a new joint investment company in Malaysia (the “Joint Investment Company”), which its name will later be determined, with a registered capital of MYR 100,000. SABUY SPEED and CollectCo Services Sdn. Bhd. (CollectCo), a company that provides pick-up and drop-off points, which is one of the players that possesses the most extensive collection network in Malaysia with current drop-off points over 2,000 branches covering all major cities in Malaysia, with partnerships with key Market places in Malaysia such as Lazada, Shopee and Zalora etc., will respectively hold 50 percent and 50 percent of the registered capital of the Joint Investment Company, which will operate a drop-off business in Malaysia and Cross border E- Commerce.
This new Joint Investment Company will help expand a service coverage of the drop-off business of the company’s group under SABUY SPEED, which currently has a total of 14,000 branches covering all area in Thailand, into other countries in the region, following the company’s group vision to be a Regional Player. SABUY SPEED will make a payment in the amount of MYR 50,000 or equivalent to THB 405,925.
In the meantime, the Board also approved the company to invest in RS by purchasing RS ordinary shares in the amount of no more than 15,000,000 shares or equivalent to 1.54 percent of RS.
RS operates a commerce business that provides content and powerful entertainment as well as sells products. This includes establishing a system to analyze customer data and a telemarketing system.
The operations consist of 3 main businesses which are commerce business, entertainment business, and music business and others. The company will make the payment at the amount of not exceeding THB 255,000,000 to RS or existing RS’s shareholders through the Main Board of the Stock Exchange.