Halcyon Technology Public Company Limited (SET:HTECH) agreed to acquire 80% stake in Master Carbide Tools Company from Thomas Frakes and Cynthia Frakes for approximately THB 160 million on February 26, 2020. Payment term is 60% of the selling price at closing date, and the remaining 40% within one year after closing date. Thomas Frakes and Cynthia Frakes will hold the remaining 20%. The transaction will be funded via loan from bank in the amount of THB 75 million, standby letter of credit of $2.112 million (THB 67.2 million) for one year to guarantee the last payment and working capital. Authorized signatories' are Pete Rimchala or Chris Rimchala signs together with Thomas Frakes and company’s stamp. Thomas Frakes will hold the position of president in Master Carbide Tools Company for two years during the management transition period. The transaction is subject to the disclosure of information to SET and a written notice to its shareholders within 21 days from the date of disclosure to SET. The transaction was approved by the Board of Halcyon Technology Public Company Limited. The Board of Director's meeting held on February 26, 2020, had approved the investment. The transaction is expected to close within June 30, 2020.