True Corporation Public Company Limited (SET: TRUE) has informed the Stock Exchange of Thailand that True Digital Group Co., Ltd. (TDG), a 100% owned subsidiary of the company’s group, has disposed of its common and preferred shares in ZAPGROUP Inc. (ZAP) to Ms. Angelique Auhra Chua Uy (Ms. Angelique), the founder of ZAP.
Previously, TDG held 70.00% of ZAP, which operates platforms for customer privileges and integrated online-to-offline channels in the Philippines.
TDG disposed of all of ZAP’s common and preferred shares, totaling 410,081 shares, at a total consideration value of $1 per share, equivalent to approximately THB 33.521. The aim is to rationalize the company’s portfolio by reducing exposure to non-core, loss-making overseas subsidiaries and limiting future capital commitments to these businesses.
Additionally, True Digital Philippines Inc. (TDPH), a wholly owned subsidiary of TDG, as the creditor, waived its rights to claim the outstanding intercompany loan receivable from ZAP, as the debtor, comprising principal and accrued interest, in the aggregate amount of 16,335,751 PHP, equivalent to approximately 8,713,489.58 Baht.
The divestment resulted in ZAPGROUP Inc. ceasing to be a subsidiary of the company.
