Sabuy Technology Public Company Limited (SET: SABUY) stated that the company was informed by a major shareholder regarding the company’s stock trading transaction by Mr. Arnonchai Veerapravati transferred 20.585 million shares or equivalent to 1.11% of voting shares to GEM Global Yield LLC SCS (GEM), a funds manager from the USA, changing the structure of the company’s major shareholders has no impact on administration and management of the company.
After the transaction, Mr. Veerapravati will hold 12.30% of shareholding in SABUY and GEM will hold 1.11% in the tech company.
With SABUY’s unique business model, strong growth prospects, unlocked equity value and quality management, GEM has decided to choose SABUY as its first investment in Thailand. However, since SABUY has no plan to issue new shares, GEM structured and executed the equity investment arrangement directly with the major shareholders of SABUY whereby the sellers have the right to sell SABUY shares to GEM under the THB 1.75 billion committed facility. The sellers could use part of the proceeds for the upcoming equity warrant conversion of SABUY, which will in turn strengthen the financial position of SABUY further. Needless to say, SABUY will have a stronger, more diversified shareholder base and has receive further interest from other global investors”, said SABUY Executive Director and CFO Mr. Narongchai Wongthanavimok.
The Global Emerging Market Group (GEM) is a USD 3.4 billion investment firm. Founded in 1991, GEM currently manages a diverse set of investment vehicles focused on emerging markets across the world through 570 companies in 70 countries across five continents. In addition to the USA, Europe and Middle East, GEM also has investments in China, Singapore, India and South Korea. Its recent investments have included Changing World Technologies Inc. (conversion of food processing waste into renewable diesel oil); Neos Ocular (laser-based technology for ameliorating presbyopia); Ansen Electronic (Hong Kong-based electronic manufacturing ODM and OEM); Willard Marine Inc (US Nay, Coast Guard and Marine Corp) as well as Energy Exploration Technologies Inc.