Bangkok Expressway and Metro Public Company Limited (SET: BEM) has announced that the Board of Directors meeting held on December 27, 2023 resolved to grant approval for the company to enter into an agreement on engagement of CH. Karnchang Public Company Limited (SET: CK) to carry out maintenance and improvement of the civil works of the Si Rat Expressway and the Prachim Ratthaya Expressway (the Si Rat – Outer Ring Road Expressway) in an amount of Baht 618,161,920 (excluding VAT), and grant approval for Northern Bangkok Expressway Company Limited (the Subsidiary) to engage CH. Karnchang to carry out maintenance and improvement of the civil works of the Udon Ratthaya Expressway in an amount of Baht 402,009,730 (excluding VAT), as such, the work value of BEM and the Subsidiary would be a total of Baht 1,020,171,650 (excluding VAT).
The execution of the transaction with CK, in its capacity as BEMs major shareholder, is considered execution of a transaction with a connected person.
CK is currently holding a 34.41% shareholding in BEM, which is the major shareholder of the company.