Nation International Edutainment Public Company Limited (SET:NINE) agreed to acquire 63.76% stake in Landy Development Co., Ltd. from Master Ad Public Company Limited (SET:MACO) and Master & More Co., Ltd. for THB 70 million on November 9, 2020. As per terms of the transaction, Nation International Edutainment Public Company Limited agreed to acquire 2.5 million shares of Landy Development Co., Ltd. at price of THB 27.45 per share. In this transaction, Master Ad Public Company Limited selling 48.87% stake and Master & More Co., Ltd. selling 14.89% stake. Nation International Edutainment Public Company Limited will finance this transaction with the working capital THB 70.01 million. As a result of this transaction, Landy Development Co., Ltd. will become a subsidiary of the Nation International Edutainment Public Company Limited. For year ending 2019, Landy Development Co., Ltd. reported a revenue of THB 19.96 million, total asset THB 95.63 million, total equity of THB 92.09 million, EBIT of THB 5.78 million and net loss of THB 4.70 million. Subsequent to the completion of the transaction, the directors of Landy will be changed by which Nation International Edutainment Public Company Limited and the existing shareholders will consider to nominate 2 representative (respectively) as Landy's director. Nation International Edutainment Public Company Limited is currently on the process for consideration and selection of the candidates of such.
This transaction is considered as an acquisition of the total assets. According to the announcement of the acquisition or disposal of assets, Nation International Edutainment Public Company Limited is required to disclose information about such transactions to the Stock Exchange of Thailand (SET) and to provide the information memorandum regarding the acquisition of assets of Nation International Edutainment Public Company Limited to the shareholders within 21 days following the date of disclosure of the transaction to the SET. The deal is subject to approval from Nation International Edutainment Public Company Limited board. On February 22, 2021 Nation International Edutainment Public Company Limited board of directors approved the transaction. The Board of Directors has considered and viewed that the transaction is reasonable and most beneficial to the Nation International Edutainment Public Company Limited and its shareholders and does not constitute a conflict of interests and transaction information in the accuracy and completeness. Neither the Audit Committee nor any directors had a different view from the Board of Directors of the Nation International Edutainment Public Company Limited. The deal will be completed within first quarter of 2021. The funds which will be raised from this transaction will be used for working capital and business operation.