The share price of Sabuy Technology Public Company Limited (SET: SABUY) rose more than 6% on Monday as the company affirmed that the acquisition in TKS will boost its performance to surpass 10,000 million baht of revenue by next year.
SABUY reported on Friday morning that the company’s Board of Directors approved to purchase the newly issued ordinary shares of T.K.S. Technologies Public Company Limited (SET: TKS) at the amount of 18.45% of registered capital after the issuance of new ordinary shares.
The acquisition will be done by using cash flow from the sale of up to 225,000,000 ordinary shares or equivalent to 16.90 percent of the total shares in Advanced Information Technology Public Company Limited (AIT) to TKS where the company will receive consideration of up to THB 1,687,500,000.
The Chief Executive Officer of SABUY Chookiat Rujanapornpajee told “Kaohoon Turakij” that this investment would partly help pushing the company’s revenue income to reach its projection at 10,000 million baht in 2023, a significant jump from around 5,000 million baht of revenue this year.
The company is also investing in TSR, which is according to its plan to expand into drug store business and use Internet of Things to create valuation for water purifier and direct sale businesses.
The CEO noted that SABUY will continue expanding its investment in 2023 and reassured investors that the company will not announce another capital increase as current liquidity is plenty for its upcoming investments.
The share price of SABUY rose as much as THB0.40 or 6.36% to THB11.70 per share on Monday.