C.P.L. Group Public Company Limited (SET:CPL) entered into agreement to acquire entire business of Pangolin Safety Products Company Limited from Charoensin Holding Co., Ltd. and a group of sellers for approximately THB 530 million in stock on January 10, 2017. Under the terms of the agreement, the consideration will be settled by issue of 15.48 million new shares of C.P.L. Group Public Company Limited. The group of shareholders include Issara Wongcharoensin, Vivat Wongcharoensin, Suwatchai Wongcharoensin, Puvasith Wongcharoensin, Natthakit Wongcharoensin, Payao Wongcharoensin, Kitichai Wongcharoensin, Veerachai Wongcharoensin, Wuttichai Wongcharoensin, Natthajak Wongcharoensin, Theerawat Wongcharoensin, Nutnapa Wongcharoensin, Ratchanee Wongcharoensin, Napattavat Wongcharoensin and Manit Wongcharoensin holding 15.25%, 14.38%, 12.45%, 12.19%, 3.5%, 3.5%, 2.45%, 2.45%, 2.19%, 2.19% 0.88%, 0.7%, 0.7% and 0.00002% stake respectively. The shareholder meeting of C.P.L. Group Public Company Limited will be held on February 23, 2017. As on February 8, 2017, S 14 Advisory Company Limited, acting as independent financial advisor to C.P.L. Group, has opinion that fair value of CPL shares in THB 34.28 per share. As of September 30, 2016 Pangolin Safety Product Co.,Ltd. have total asset of approximately THB 520 million, total equity approximately THB 280 million, total revenues approximately for THB 450 million, earning before tax for THB 46.09 million and net income is THB 36.64. Post transaction, Pangolin Safety Products Company Limited's shareholders will become shareholders of C.P.L. Group Public Company Limited owing 36.98% of total issued and paid up shares of C.P.L. Group Public Company Limited. The expected Board of Directors of C.P.L. Group Public Company Limited will comprise of Suwatchai Wongcharoensin as Chairman of the Board of Directors, Puvasith Wongcharoensin, Kitichai Wongcharoensin, Vivat Wongcharoensin, Chen Rui-Teng and Kuo Shin-Lun as Directors, Ruth Banomyong as Chairman of the Audit Committee and Independent Director, Mongkon Laoworapong and Supapat Ongsangkoon as Audit Committee and Independent Director. As on February 21, 2017, C.P.L. Group Public Company Limited will not only transfer the asset and liability of Pangolin Safety Product to C.P.L. Group, but also the rights, duties, encumbrances, licenses, and other responsibilities that PSP had with other parties and employees. After the transference, Pangolin Safety Product will have to undergo dissolution and liquidation in order to comply with the conditions to tax waiver set by the Revenue Code. The transaction is subject to approval of shareholders of C.P.L. Group Public Company Limited. As on February 23, 2017, the shareholders of C.P.L. Group Public Company Limited approved the transaction. As on April 4, 2017, C.P.L. Group Public Company Limited would like to inform that the Large Business Tax Administration, the Revenue Department has issued a letter approving the tax exemption from the acceptance of entire business transfer of Pangolin Safety Products Company Limited on April 3, 2017. C.P.L. Group Public Company Limited is now in the process of transferring of the registered assets and issuance of the newly issued shares to Pangolin Safety Product Co.,Ltd.