Thailand’s Jasmine International has confirmed that Pete Bodharamik, its chief executive and biggest shareholder, has secured THB42.5 billion (USD1.2 billion) in credit to buy all of the shares he does not already own in the Bangkok-based telecoms company. Jasmine requested trading of its shares be suspended on Monday (19 September) pending the official announcement of Bodharamik’s plans, and said in a separate statement that it has no intention of delisting.
As per Jasmine International’s media statement, Mr Bodharamik, who currently owns 31.07% of Jasmine, has offered to buy 4.09 billion shares – including treasury stock – for THB7.25 each and acquire 2.73 billion warrants for THB3.68 apiece. Siam Commercial Bank will finance the CEO’s buyout plans and manage the tender offer, which is scheduled to take place between 29 September and 3 November.
Jasmine International’s 99%-owned subsidiary Triple T Broadband (3BB) is Thailand’s second-largest fixed internet provider by users, whilst the Jasmine group also includes submarine fibre and other telecoms infrastructure, equipment and ISP operations.