SET-listed Amarin Printing and Publishing Plc has announced an increase in registered capital to pave the way for the entry of a new major shareholder, Vadhanabhakdi Co.
Vadhanabhakdi, controlled by billionaire Charoen Sirivadhanabhakdi, will spend 850 million baht to buy 200 million of Amarin's newly issued shares at 4.25 baht each.
Amarin's board on Thursday approved the plan to hike its registered capital to 420 million baht from 220 million baht by issuing 200 million new shares with a par value of one baht each.
The newly issued shares will be sold to Vadhanabhakdi, led by brothers Thapana and Panote Sirivadhanabhakdi, via private placement.
After the share subscription, Vadhanabhakdi will hold a 47.62% stake in Amarin and the Utakapan family will share 30.83%, diluted from 58.87% now, according to Amarin's filing with the Stock Exchange of Thailand.
Vadhanabhakdi Co was founded by Mr Charoen, who also owns Thai Beverage Group, the producer of Chang beer and Mae Khong liquor.
Metta Utakapan, president and chairwoman of Amarin, told the SET the share sales and transaction will be completed on Feb 10, 2017 after shareholders approve the plan at an extraordinary shareholders' meeting.
Amarin plans to use the proceeds to pay its digital TV licence fee to use the spectrum next year and invest in content production.
"Having a strategic partner, who has readily available funds, expertise and connections in various industries will allow us to obtain funding as needed and boost confidence in doing business in the future," Ms Metta said.
Amarin has to submit its new shareholding structure to the broadcasting regulator after the completion of the share sales.
AMARIN shares closed yesterday on the SET at 7.35 baht, down 10 satang, in trade worth 323 million baht.