Pioneer Motor Public Company Limited and two persons designated by Pioneer Motor Public Company Limited agreed to acquire VSM Thailand Co., Ltd., from Verde Smart Motors, Inc., Shannon Bard, Brent Alexander Roland and Mark Vange for $0.65 million.
January 23, 2017
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Pioneer Motor Public Company Limited (SET:PIMO) and two persons designated by Pioneer Motor Public Company Limited agreed to acquire VSM Thailand Co., Ltd., from Verde Smart Motors, Inc., Shannon Bard, Brent Alexander Roland and Mark Vange for $0.65 million on January 23, 2017. Under the terms of the agreement, 1,000 shares will be acquired for $0.1 per share and $0.65 million debt of VSM Thailand Co., Ltd., will be paid in three installments after the completion of the transaction to Verde Smart Motors, Inc., and the last installment will be paid at the end of the second year after the execution of the agreement. Currently, Verde Smart Motors, Inc. holds 997 shares and Shannon Bard, Brent Alexander Roland and Mark Vange hold 1 share each, respectively in VSM Thailand Co., Ltd. Post transaction, Pioneer Motor Public Company Limited will hold 998 shares and the two designated persons will hold 1 share each in VSM Thailand Co., Ltd. Pioneer Motor funded the deal consideration from working capital and lending from financial institution, each contributing 50% to the consideration.
VSM Thailand Co reported total assets of $0.43 million (THB 15.17 million) and net liabilities of $0.32 million (THB 11.59 million) as of November 30, 2016. The Board of Directors of Pioneer Motor Public Company Limited approved the transaction. The agreement is expected to be executed and the shares would be transferred within January 2017.
Pioneer Motor Public Company Limited is a Thailand-based company. The Company is engaged in the business of manufacturing and distributing air-conditioning electric motors, industrial motors, dewatering, centrifugal pumps, motors for pools and spas and motor home pumps. The operations of the Company involve the single industry segment of manufacturing and distributing electric motors categorized by motor product groups, including air conditioner electric motors, induction motors, and pumps, dewatering, centrifugal pumps, motors for pools and spas, and motor home pumps. Its manufacturing plant is situated in Nakornchaisri. The Company's wholly owned subsidiary is VSM (Thailand) Co., Ltd.
Pioneer Motor Public Company Limited and two persons designated by Pioneer Motor Public Company Limited agreed to acquire VSM Thailand Co., Ltd., from Verde Smart Motors, Inc., Shannon Bard, Brent Alexander Roland and Mark Vange for $0.65 million.