East Coast Furnitech Public Company Limited cancelled the acquisition of 57.5% in KPN Academy Co., Ltd. from Nop Narongdej, Golden Tiger Associates Ltd., Nuttawut Phowborom and Sangduan Ewbamrung.
September 19, 2020
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East Coast Furnitech Public Company Limited (SET:ECF) agreed to acquire 57.5% stake in KPN Academy Co., Ltd. from Nop Narongdej, Golden Tiger Associates Ltd., Nuttawut Phowborom and Sangduan Ewbamrung for approximately THB 440 million on September 20, 2019. Under the terms of transaction, East Coast Furnitech Public Company Limited will acquire 14.9 million shares and it will issue 191.7 million shares as consideration whose offering price is subject to adjustments. Nop Norongdej will receive 156.7 million shares for 12.2 million shares in KPN Academy, Golden Tiger Associates will receive 16.7 million shares for 1.04 million shares in KPN Academy, Nuttawut Phowborom will receive 13.3 million shares for 1.3 million shares in KPN Academy and Sangduan Ewbamrung will receive 5.1 million shares for 0.39 million shares in KPN Academy. Upon completion, Nop Narongdej, Golden Tiger Associates Ltd., Nuttawut Phowborom and Sangduan Ewbamrung will not hold any stake in KPN Academy.
For the year ended December 31, 2018, KPN Academy Co., Ltd. had revenue of THB 8.3 million, net loss of THB 605.3 million, total assets of THB 82.9 million and total liabilities of THB 423.4 million. The transaction is subject to approval from shareholders of East Coast Furnitech Public Company Limited and KPN Academy has prepared the consolidated financial statements in accordance with Thai Financial Reporting Standards for Publicly Accountable Entities audited by a certified auditor for the 9-month period ending 30 September 2019. East Coast Furnitech Public Company Limited will nominate its representatives to be directors in KPN Academy in proportion of the shareholding percentage after the entering into the transaction. The transaction is approved by the Board of East Coast Furnitech Public Company Limited. The transaction is expected to be completed by first quarter of 2020. Orion Advisory Co., Ltd. acted as financial advisor to East Coast Furnitech Public Company Limited.
East Coast Furnitech Public Company Limited (SET:ECF) cancelled the acquisition of 57.5% in KPN Academy Co., Ltd. from Nop Narongdej, Golden Tiger Associates Ltd., Nuttawut Phowborom and Sangduan Ewbamrung on September 20, 2020.
East Coast Furnitech Public Company Limited is a Thailand-based company, which is engaged in manufacturing and sales of self-assembled furniture made from particle board, rubber wood furniture, dried sawn lumber, laminating paper, and furniture-decorating supplies for domestic and international markets. It is also involved in investments in the solar power plant business, and the agriculture and crop distribution business. It operates in two segments: wood furniture and particle boards and other segments. Its wood furniture and particle board segment includes rubber wood furniture and particle board furniture. Its other segments include laminating paper, dried sawn lumber, furniture-decorating supplies, the dealer in furniture business, and the renewable energy business. The Company distributes furniture through websites and online platforms. It also provides polyvinyl chloride (PVC) trim cutting services. Its subsidiaries include VV-Decor Co., Ltd, ECF Holdings Co., Ltd, and others.
East Coast Furnitech Public Company Limited cancelled the acquisition of 57.5% in KPN Academy Co., Ltd. from Nop Narongdej, Golden Tiger Associates Ltd., Nuttawut Phowborom and Sangduan Ewbamrung.
EAST COAST FURNITECH 
