Thailand Thoresen Agencies (TTA), the parent company of Thoresen Shipping, has purchased a stake in Nusasiri (Nusa), a Thai property and real estate company, TTA said in a 5 October stock exchange filing.
TTA bills itself as a holding company investing in three lines of business: transport, energy and infrastructure, making the move into real estate a new departure for the Thai-based shipper.
The company bought 200 million of Nusasiri ordinary shares at THB1.10 per share for a total price of THB220 million (USD6.12 million) in a private placement to give it 3.48% of the property firm.
Purchasing was done using cash in hand and working capital.
“TTA is also entitled to Nusa warrants (NUSA-WB) at the amount of 100 million units at the offering price of THB0. The term of NUSA-WB is three years from the issue date,” stated the filing from the stock exchange.
“Warrant holder is able to exercise NUSA-WB on the last business day of May and November every year,” it added.
In a parallel private placement, 100 million shares were allocated to Chalermchai Mahagitsiri, the chief executive officer and president of TTA, on the same terms and conditions and at the price of THB1.10 per share, totalling 110 million to give Mahagitsiri a 1.74% holding in Nusa.