TTA wins approval for rights offering

Bangkok: Thoresen Thai Agencies has won shareholder approval for the company’s capital increase and rights offering plan, which aims to raise up to THB4,173bn towards the expansion of TTA’s investments in dry bulk shipping and oil and gas services

All shareholders will be entitled to exercise their rights by subscribing to three newly issued shares at a price of THB14.00 per share for every 10 existing shares they own. Free warrants (TTA-W4) will be issued to shareholders who subscribe for new shares at a ratio of one warrant to three newly subscribed shares. Each warrant will be convertible into one common share at an exercise price of THB18.50 within 36 months of the warrant issuance. Shareholders will be entitled to subscribe for excess rights, which will be capped at 50% of their total shareholding on 7 February 2014, and oversubscribed allocations will be provided based on percentage of shareholding. 

Chalermchai Mahagitsiri, TTA's president and CEO said, "We were thrilled to see that shareholders shared our excitement about the prospects ahead for TTA, giving management and the Board a vote of confidence to make further investments in order to realise the potential in front of us. There is little doubt that a strong opportunity remains to expand our dry bulk shipping fleet, and as the selling price of second hand vessels continues to gradually increase, we have a small but workable window within which to make these opportunistic investments. At the same time, we see strong impetus for additional investment in the oil & gas services sector as well as in our fast-growing fertiliser and warehouse businesses in Vietnam.”

Shareholders acknowledged TTA’s plan to list subsidiary PM Thoresen Asia Public Company on the Stock Exchange of Thailand.  [04/02/14]

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