Thailand’s SET Index closed at 1,337.32 points, decreased 8.34 points or 0.62% with a trading value of 45.9 billion baht. The analyst stated that the Thai stock market edged higher in the morning session and trended downward until the closing, which was in line with regional markets without a positive catalyst to drive the market. Meanwhile, foreign outflows and political uncertainties remained as a negative pressure to the stock market.
The share price of GMM GRAMMY Public Company Limited (SET: GRAMMY) hit the ceiling in the trading session on Tuesday after bringing Tencent Music Entertainment Group as a strategic partner.
GMM Music Public Company Limited’s board of directors has approved the sale of 80,000,000 ordinary shares of GMM Music to Black Serenade Investment Limited, a company jointly established by Tencent Music Entertainment Group and Tencent Holdings Limited.
The sale amounts to 10.00% of the total issued and paid-up ordinary shares of GMM Music, valued at USD 70,000,000 (approximately THB 2,570,827,000).
The Buyer Group (including Tencent Music Entertainment Group, Tencent Holdings Limited, and their affiliates) will pay for the shares in cash and with 30.00% of the total issued and paid-up ordinary shares of Joox Thailand, a subsidiary of Tencent Music Entertainment Group.
After the acquisition, Joox Thailand will become an associate company of GMM Music Public Company Limited.
On Tuesday, Indian stocks faced a significant downturn, leading the decline in Asian markets as the country commenced the vote counting process for its 2024 general election.
The Nifty 50 index plummeted more than 6%, following their record highs on Monday. Preceding the election results, local exit polls conducted over the weekend indicated a probable triumph for Prime Minister Narendra Modi and his Bharatiya Janata Party-led coalition for a rare third successive term in power.
Initial projections propose that the BJP-led National Democratic Alliance is likely to secure approximately 365 out of the 543 seats in the lower house of India’s parliament, according to a summary of exit polls by local news channel NDTV.
A recent report from Reuters revealed that Modi’s BJP Alliance is leading with 272 seats in the preliminary stages of the vote counting process.
