The share price of Ditto (Thailand) Public Company Limited (SET: DITTO) rose more than 9% on Wednesday following the announcement of its intention to acquire nearly 25% of Thai digital tech company, Netbay Public Company Limited (SET: NETBAY).
On December 19, 2023, DITTO announced that its Board of Directors approved the company to invest in ordinary shares of NETBAY in the amount of 49,800,000 shares, or equivalent to 24.90 percent of the paid-up registered capital, at the price not exceeding THB 17.00 per share, and the total value not exceeding THB 846,600,000 by purchasing the ordinary shares of NETBAY from Mr. Pichit Viwatrujirapong, who is not a connected person of the company.
DITTO noted that it will pay the compensation for the purchase of ordinary share of NETBAY from Mr. Pichit with the newly-issued ordinary shares of the company in the amount of not exceeding 33,200,000 shares, at the par value of THB 0.50, at the price of THB 25.50, the total value is not exceeding THB 846,600,000, which the offering price of the newly-issued ordinary share is THB 25.50 per share.
DITTO will invest in the ordinary shares of NETBAY with the objective to invest in businesses related to the company’s business. At the present NETBAY’s operate the business to innovate, create and develop Digital Business Technology Platform for electronic transactions (Digital Business Services) and offer that product to users in the form of a comprehensive service (SaaS: Software as a Service). Between business and government (B2G), between business and business (B2B), and between private and public or consumers (B2C). DITTO expected that NETBAY’s business is related to the company’s business and to create synergy to the company’s business.
The share price of DITTO rose THB2.40 or 9.76% to THB27.00 per share during the opening session on Wednesday.
