The Stock Exchange of Thailand (SET) on September 29, 2023, announced a big lot transaction of Delta Electronics (Thailand) Public Company Limited (SET: DELTA) at a total value of THB 8,454 million.
Delta International Holding Limited B.V., a subsidiary in Taiwan, offloaded 89,232,800 shares in DELTA Thailand for a total value of THB 8,454 million, accounting to 0.72% of shares outstanding of DELTA Thailand. According to the report, the offer price range was THB94.75 – 96.75 per share, representing a discount of around 7.0 – 8.9% to the last close of THB104.00 on September 28, 2023.
DELTA Thailand received several market alerts this year from the Thai Exchange, citing securities showing unusual movement of prices and trading volumes compared with the previous trading session.
DELTA Thailand was listed among securities which has triggered the Market Surveillance Measures several times, which led to the market speculation that it could be excluded from the SET50 Index if it triggers the measure one more time.
Delta International Holding Limited B.V. stated that the intention to sell approximately 0.72% of its stake in DELTA Thailand was to enhance its working capital as it continues to expand its global footprint. The Taiwan subsidiary advised that the market should wait for more details of material information, which will be announced through the press release later today.
Meanwhile, CGS-CIMB Securities commented on the move, stating that the turnover last night by approximately 0.72% pushed DELTA Thailand’s turnover ratio month-to-date to over 2%, which helped them avoid being excluded from SET50 in 1H24, at least for now. The securities company noted that this transaction could be another rationale for the placement.
The share price of DELTA Thailand fell THB12.75 or 12.26% to THB91.25 per share after the opening bell on Friday, which pressured the SET Index more than 11 index points.