Selic Corp Public Company Limited completed the acquisiiton of PMC Label Materials Co., Ltd. and PMC Label Materials Pte. Ltd. from Tan Yong Heng, Tan Soo Lang and other shareholders.
January 03, 2019
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Selic Corp Public Company Limited (SET:SELIC) entered into an agreement to acquire PMC Label Materials Co., Ltd. and PMC Label Materials Pte. Ltd. from Tan Yong Heng, Tan Soo Lang and other shareholders for THB 1 billion on October 19, 2018. As per terms of an agreement, Selic Corp Public Company Limited will acquire PMC Label Materials Co., Ltd. from Tan Yong Heng and other shareholders for approximately THB 930 million and will acquire PMC Label Materials Pte. Ltd. from Tan Yong Heng and Tan Soo Lang for approximately THB 100 million. Selic Corp Public Company Limited will pay consideration of THB 130 million from cash on hand and THB 900 million from a long term loan from a financial institution. Post completion of the transaction, PMC Label Materials Co., Ltd. and PMC Label Materials Pte. Ltd. will become subsidiary companies of Selic Corp Public Company Limited.
For the year ended December 31, 2017, PMC Label Materials Co., Ltd. and PMC Label Materials Pte. Ltd. reported total assets of THB 536.5 million, net assets of THB 388.2 million, total revenues of THB 851.3 million, EBITDA of THB 138.2 million and net income of THB 99.3 million. The transaction is approved by the board of directors of Selic Corp Public Company Limited in the board meeting held on October 19, 2018. The transaction is subject to approval from the shareholders of Selic Corp Public Company Limited at the extraordinary general meeting which will be held on December 14, 2018; certain conditions including the sellers must have received all approvals, consents or waivers from creditors, suppliers, any other third party, relevant governmental authorities; settlement of any disputes prior to completion; a written consent/waiver must be obtained from official lender by PMC Label Materials Co., Ltd. for the change of control in PMC Label Materials Co., Ltd. As of December 14, 2018, shareholders of Selic Corp Public Company approved the deal. The transaction is expected to complete by January 2019. Advisory Plus Co., Ltd. acted as the independent financial advisor to Selic.
Selic Corp Public Company Limited (SET:SELIC) completed the acquisiiton of PMC Label Materials Co., Ltd. and PMC Label Materials Pte. Ltd. from Tan Yong Heng, Tan Soo Lang and other shareholders on January 4, 2019.
Selic Corp Public Company Limited is engaged in the production and distribution of adhesives used in industrial, including self-adhesive labels and healthcare products for domestic and international markets. Its segments include adhesive for industrial use, self-adhesive labels, healthcare products and others. Its product includes hot melt adhesive product, water-based adhesive product and solvent glue. Hot melt adhesive products are used in many industries that have machine labeling systems or automatic packaging systems on production lines, such as food and beverage industry, furniture and woodworking industries in general. Water-based adhesive products can be used in a range of industries, such as food and beverage industry, furniture industry, packaging, carpet, woodworking, product labeling and various products as required. The solvent based adhesive products include PU, neoprene, SBR, which are used in leather, footwear, automotive decoration, construction, furniture and work.
Selic Corp Public Company Limited completed the acquisiiton of PMC Label Materials Co., Ltd. and PMC Label Materials Pte. Ltd. from Tan Yong Heng, Tan Soo Lang and other shareholders.