SYMC Disposes All Shares in ‘AIMS Data Center’ after Years of Underperforming Operations

Symphony Communication Public Company Limited (SET: SYMC) announced on November 22, 2022, on the board of directors meeting No. 7/2022, to dispose all ordinary shares in AIMS data center (Thailand) Limited) (ADCTH), and to approve the company to enter into the share sale and purchase agreement in relation to the Share Disposal Transaction.

The transaction date is on November 21, 2022, the company entered into the sale and purchase agreement in respect to the share disposal transaction, The transaction is expected to be completed by the end of the second quarter of 2023, with DB Arrow Pte Limited (DB Arrow), by disposing 490,000 ordinary shares per value of Baht 100 per share that the company hold, representing 49 percent of total issued and paid-up shares of ADCTH at a selling price up to Baht 130 per share, implying total proceeds to Baht 63,700,000 million. 

The benefits of the transaction are as follows 1. reduce the risk of continuing losses from ADCTH, 2. reduce the risk from obligations of the Company to potentially provide future financial support to support ongoing potential losses, 3. The disposal of all ordinary shares in ADCTH will allow the Company to be able to focus more on managing the Company’s core business, 4. The Company is able to use the cash received from the sale of shares to invest in other businesses which have potential and growth.